Cryptocurrencies – Bitcoin Turmoil – Economy

Bitcoin digital currency fell below $ 30,000 for the first time in a long time on Tuesday. In the morning, the oldest and largest crypto investment by market value on the Bitstamp trading platform cost $ 29,500 at an all-time low. This is the lowest level for about a month. But it is not far from the annual low. Other digital stocks like the market’s number two, ether, were also under pressure. Financial service Bloomberg tracks cryptocurrency prices summarized in the Galaxy Crypto Index, which fell 4% on Tuesday. There are currently reasons against crypto investments. This includes China’s tough stance on producers, known as miners, of Bitcoin and other internet currencies. The recent deterioration in sentiment in the stock market has also weighed on risky assets like Bitcoin & Co. In addition, major central banks like the European Central Bank (ECB) are stepping up their efforts not to fall behind in the race for new ones. types of digital currencies. And on Monday, U.S. Treasury Secretary Janet Yellen urged the nation’s top regulators to speed up their deliberations on new rules for monitoring digital currencies, the value of which is tied to conventional currencies.

Cryptocurrencies like Bitcoin are extremely volatile. This is already evident from the fact that a Bitcoin was worth more than twice as much just three months ago than it is now. A record high of nearly $ 65,000 was reached in mid-April. After that, however, the prices of many digital stocks fell.

The now crossed $ 30,000 mark was seen as symbolically important by some financial traders. If such marks fall, then they may end in a massive sell-off and go even further – or not, the forecast should be viewed with special caution in the notoriously volatile crypto market. In any case, Vijay Ayyar, the head of the Asia-Pacific region at the Luno cryptocurrency exchange in Singapore, dared the following forecast: “We will move between $ 20,000 and $ 40,000 for the rest of the year.” The bright prospects for crypto activity, which pushed Bitcoin to a record price of nearly $ 65,000 in mid-April, are now in question. Financial service Bloomberg calculated: According to this, Bitcoin has only risen by around 2% this year, while the US S&P 500 stock index has risen by around 13%, making it a significantly better investment. . “Investors who invest in cryptocurrencies know that volatility will be a part of it,” Michael Sonnenshein, CEO of Grayscale Investments, said in an interview with Bloomberg TV.

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