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Bitcoin, along with other major cryptocurrency currencies (XRP), Ethereum, Bitcoin Cash, Stellar and Litecoin, fell again in the last 24 hours as investors and traders worried about a flood of money. warnings about the future of cryptocurrencies.
The price of bitcoin has been falling since a civil war in a bitcoin range, a sum in bitcoin, led to a new split in cryptocurrency last week. The cash bitcoin says hard fork, a consequence of the inability of coin developers and miners to agree on a direction to take cryptocurrency, has resulted in the creation of bitcoin ABC and bitcoin SV.
The two men continue to fight for dominance, threatening what is known as a hash war, each trying to take over the power of calculation and take control of the bitcoin cash network.
Bitcoin has been stuck in a downward trend all year and Bitcoin cash warfare has again tested the support. (Photo by Jordan Mansfield / Getty Images)Getty
The paying portion of Bitcoin Cash Hard was blamed last week for the initial sale, wiping out billions of dollars worth of Bitcoin, Ripple (XRP) and Ethereum, but led many analysts and groups to denounce the chaotic nature of cryptocurrencies and their mismatch as a currency and a store of value.
As a result of this line, bitcoin and cryptocurrency trades made hasty decisions on how to manage the split, with OKEx, a Hong Kong-based company, handling more than a billion cryptographic transactions daily. , amending the terms of derivative contracts by $ 135 million without notice. , leaving several losses according to Bloomberg, and highlighting the risks associated with the use of unregulated virtual money platforms.
After the sale last week, the price of bitcoin has found support close to $ 5,500, but it has now eroded. Bitcoin lost 3% in the past 24 hours to less than $ 5,380.– its lowest price since last October, according to CoinDesk's Bitcoin price tracking system.
After trading close to $ 20,000 last December, bitcoin fell sharply last week, down some 70 percent from its peak. The sudden instability was a blow to those hoping that Bitcoin introduced itself to the general public.
At the same time, Ripple, the common name for the XRP digital token, has lost more than 6%, almost erasing its gains in recent weeks. The price of Ethereum fell again, losing 8% and thus consolidating the position of second largest cryptocurrency in the world, with bitcoins still in the lead.
The price of bitcoin fell again in the last 24 hours to its lowest level ever.Coindesk
The accounting giant KPMG last week warned Bitcoin and other cryptographic currencies that were not ready to be classified as real money and that the use of bitcoin as a store of value was a "madness".
KPMG found that for cryptocurrencies and their assets to flourish, they must be "institutionalized"-That many people expected this to happen this year, but until now, banks and financial institutions around the world are waiting to see how the regulators will act first.
According to KPMG, institutionalization is the large-scale participation of financial technology companies, banks, payment institutions, stock exchanges, brokers and other entities of an industry.
"Increased participation of the broader financial services ecosystem will help strengthen the confidence and reach of the symbolic economy and help the cryptography market to develop and mature," said the Chief economist of KPMG, Constance Hunter.
"Think for a moment about extending the loan of a person or entity into a cryptocurrency," added Hunter. "The value is too unstable at the moment to ensure repayment, so neither lenders nor borrowers would be willing to take the risk of making cryptocurrency transactions."
Adding to the negative sentiment of bitcoin, analysts surveyed by Bloomberg predicted that the price of bitcoin could drop to $ 1,500, a drop of more than 70% from current levels.
"I did not sleep well last night," Travis Kling, founder of the Ikigai hedge fund, told the press. "It is unlikely, it is difficult to estimate, that something really serious could happen related to Bitcoin Cash that could then affect the entire market of crypto."
Mike McGlone, Bloomberg analyst, describes Bitcoin's "sustainable bear market", adding: "[The recent pump] A few weeks ago, the market was a little too eccentric, speculators having long dreamed of playing for the good old days. "
Ethereum has dominated the top five crypto currencies in the past 24 hours.CoinMarketCap
Elsewhere, in a story titled "Bitcoin's repeated scissions undermine its long-term value," wrote Financial Times reporter Jemima Kelly, a long-time critic of cryptocurrencies, "Under the laws of supply and demand. asks: something has to happen again and again in the long-term value Anyone trying to market such a thing – no matter how many new bells and whistles he has put on – is essentially trying to sell crisp air. "
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Bitcoin, along with other major cryptocurrency currencies (XRP), Ethereum, Bitcoin Cash, Stellar and Litecoin, fell again in the last 24 hours as investors and traders worried about a flood of money. warnings about the future of cryptocurrencies.
The price of bitcoin has been falling since a civil war in a bitcoin range, a sum in bitcoin, led to a new split in cryptocurrency last week. The cash bitcoin says hard fork, a consequence of the inability of coin developers and miners to agree on a direction to take cryptocurrency, has resulted in the creation of bitcoin ABC and bitcoin SV.
The two men continue to fight for dominance, threatening what is known as a hash war, each trying to take over the power of calculation and take control of the bitcoin cash network.
Bitcoin has been stuck in a downward trend all year and Bitcoin cash warfare has again tested the support. (Photo by Jordan Mansfield / Getty Images)Getty
The paying portion of Bitcoin Cash Hard was blamed last week for the initial sale, wiping out billions of dollars worth of Bitcoin, Ripple (XRP) and Ethereum, but led many analysts and groups to denounce the chaotic nature of cryptocurrencies and their mismatch as a currency and a store of value.
As a result of this line, bitcoin and cryptocurrency trades made hasty decisions on how to manage the split, with OKEx, a Hong Kong-based company, handling more than a billion cryptographic transactions daily. , amending the terms of derivative contracts by $ 135 million without notice. , leaving several losses according to Bloomberg, and highlighting the risks associated with the use of unregulated virtual money platforms.
After the sale last week, the price of bitcoin has found support close to $ 5,500, but it has now eroded. Bitcoin lost 3% in the past 24 hours to less than $ 5,380.– its lowest price since last October, according to CoinDesk's Bitcoin price tracking system.
After trading close to $ 20,000 last December, bitcoin fell sharply last week, down some 70 percent from its peak. The sudden instability was a blow to those hoping that Bitcoin introduced itself to the general public.
At the same time, Ripple, the common name for the XRP digital token, has lost more than 6%, almost erasing its gains in recent weeks. The price of Ethereum fell again, losing 8% and thus consolidating the position of second largest cryptocurrency in the world, with bitcoins still in the lead.
The price of bitcoin fell again in the last 24 hours to its lowest level ever.Coindesk
The accounting giant KPMG last week warned Bitcoin and other cryptographic currencies that were not ready to be classified as real money and that the use of bitcoin as a store of value was a "madness".
KPMG found that for cryptocurrencies and their assets to flourish, they must be "institutionalized"-That many people expected this to happen this year, but until now, banks and financial institutions around the world are waiting to see how the regulators will act first.
According to KPMG, institutionalization is the large-scale participation of financial technology companies, banks, payment institutions, stock exchanges, brokers and other entities of an industry.
"Increased participation of the broader financial services ecosystem will help strengthen the confidence and reach of the symbolic economy and help the cryptography market to develop and mature," said the Chief economist of KPMG, Constance Hunter.
"Think for a moment about extending the loan of a person or entity into a cryptocurrency," added Hunter. "The value is too unstable at the moment to ensure repayment, so neither lenders nor borrowers would be willing to take the risk of making cryptocurrency transactions."
Adding to the negative sentiment of bitcoin, analysts surveyed by Bloomberg predicted that the price of bitcoin could drop to $ 1,500, a drop of more than 70% from current levels.
"I did not sleep well last night," Travis Kling, founder of the Ikigai hedge fund, told the press. "It is unlikely, it is difficult to estimate, that something really serious could happen with Bitcoin Cash, which could then affect the entire crypto market."
Mike McGlone, Bloomberg analyst, describes Bitcoin's "sustainable bear market", adding: "[The recent pump] A few weeks ago, the market was a little too eccentric, speculators having long dreamed of playing for the good old days. "
Ethereum has dominated the top five crypto currencies in the past 24 hours.CoinMarketCap
Elsewhere, in a story titled "Bitcoin's repeated scissions undermine its long-term value," wrote Financial Times reporter Jemima Kelly, a long-time critic of cryptocurrencies, "Under the laws of supply and demand. asks: something has to happen again and again in the long-term value Anyone trying to market such a thing – no matter how many new bells and whistles he has put on – is essentially trying to sell crisp air. "
