[ad_1]
Bitcoin’s sale accelerated on Tuesday, sending it below $ 30,000 for the first time in nearly a month, and pushing other cryptocurrencies down.
The largest cryptocurrency was down around 6% and was trading at around $ 29,700 in the morning in London. Other cryptocurrencies, including Ether, which ranks second, is down almost 9%, while Ripple is down 10%, according to data from CoinDesk.
About $ 100 billion of the entire cryptocurrency market was wiped out in 24 hours, according to data from CoinMarketCap.
Some traders viewed $ 30,000 as a major support level that could pave the way for further losses if broken. Further significant declines could disrupt the cryptocurrency market and exacerbate a wider exodus of risky assets such as stocks, at a time when global stocks are falling amid fears of slowing economic growth and the downturn. continuous spread of the variable delta coronavirus.
“We will need to form another base first before resuming another uptrend,” said Vijay Ayar, head of Asia-Pacific at the Luno crypto exchange in Singapore. “We will be between $ 20,000 and $ 40,000 for the rest of the year.”
The accounts that pushed Bitcoin to an all-time high in mid-April at nearly $ 65,000 are now called into question. Some have argued that the digital asset could act as a hedge against inflation due to the limited supply, but Bitcoin’s 2% advance this year lags behind the S&P 500’s 13% advance.
“Crypto investors know that volatility is going to be a part of it,” Michael Sonnenchin, CEO of Grayscale Investments, said in an interview with Bloomberg TV.
Bitcoin has suffered several setbacks recently, including a Chinese regulatory crackdown – in part due to concerns about rising energy consumption – and advances in the central bank’s digital currency projects that could put pressure on cryptos. -private currencies.
The creator of Dodge Coin recently criticized the cryptocurrency as a hoax, and the appetite for speculation is generally waning.
Officials around the world are also stepping up scrutiny of cryptocurrencies. On Monday, US Treasury Secretary Janet Yellen pushed leading financial regulators to speed up their review of new rules to monitor so-called “stable cryptocurrencies.”
Source link
