Bitcoin fell below $30,000 for the first time since June 22, causing other digital currencies to collapse. According to data from CoinMarketCap, at 6:29 AM Eastern Time on Tuesday, approximately $89 billion in the entire cryptocurrency market disappeared within 24 hours. According to CoinDesk data, it fell by more than 5%, while Ethereum fell by more than 6%, and XRP fell by nearly 9%. Bitcoin rose 1.87% year-on-year, while Ethereum and XRP rose 135% year-on-year.
Bitcoin's fall came after a sharp sell-off in global stock markets. Monday was the worst day for the Dow Jones Industrial Average since October last year. Annabel said: “There has been a sharp sell-off in global markets, and risky assets have fallen in all directions.” Huang, a partner of Amber Group, a cryptocurrency financial services company, said that “there are” concerns about the quality and strength of the economic recovery, “and” with broader risks. Assets are weakened, including high returns," Huang said. "Together with the recent weakness of BTC (Bitcoin), this has led to an even greater decline in the cryptocurrency market.
Since Bitcoin hit an all-time high of $65,000 in mid-April, its price has fallen by more than 50%. Regulatory review: China's new pressure on cryptocurrency trading and mining has affected the price of Bitcoin. The main areas in China responsible for Bitcoin mining had to stop operations. Bitcoin mining is an energy-intensive process that makes Bitcoin transactions easier and creates new currencies. The People's Bank of China also talked with financial technology and financial companies, reminding them not to provide customers with services related to cryptocurrency. China banned local cryptocurrency exchanges in 2017, forcing them to move overseas. This hasn't stopped Chinese traders from buying and selling digital currencies, but strict Chinese regulators set a goal this year to further tighten restrictions on trade and mining. Due to the increase in the number of Covid options, the ban on the use of cryptocurrencies and deteriorating macroeconomic conditions," said Jehan Chu of Kenetic Capital, a venture capitalist and trading company specializing in cryptocurrencies.
Bitcoin fell below $30,000 for the first time since June 22, causing other digital currencies to collapse. According to data from CoinMarketCap, at 6:29 AM Eastern Time on Tuesday, approximately $89 billion in the entire cryptocurrency market disappeared within 24 hours. According to CoinDesk data, it fell by more than 5%, while Ethereum fell by more than 6%, and XRP fell by nearly 9%. Bitcoin rose 1.87% year-on-year, while Ethereum and XRP rose 135% year-on-year.
Bitcoin's fall came after a sharp sell-off in global stock markets. Monday was the worst day for the Dow Jones Industrial Average since October last year. Annabel said: “There has been a sharp sell-off in global markets, and risky assets have fallen in all directions.” Huang, a partner of Amber Group, a cryptocurrency financial services company, said that “there are” concerns about the quality and strength of the economic recovery, “and” with broader risks. Assets are weakened, including high returns," Huang said. "Together with the recent weakness of BTC (Bitcoin), this has led to an even greater decline in the cryptocurrency market.
Since Bitcoin hit an all-time high of $65,000 in mid-April, its price has fallen by more than 50%. Regulatory review: China's new pressure on cryptocurrency trading and mining has affected the price of Bitcoin. The main areas in China responsible for Bitcoin mining had to stop operations. Bitcoin mining is an energy-intensive process that makes Bitcoin transactions easier and creates new currencies. The People's Bank of China also talked with financial technology and financial companies, reminding them not to provide customers with services related to cryptocurrency. China banned local cryptocurrency exchanges in 2017, forcing them to move overseas. This hasn't stopped Chinese traders from buying and selling digital currencies, but strict Chinese regulators set a goal this year to further tighten restrictions on trade and mining. Due to the increase in the number of Covid options, the ban on the use of cryptocurrencies and deteriorating macroeconomic conditions," said Jehan Chu of Kenetic Capital, a venture capitalist and trading company specializing in cryptocurrencies.
ليست هناك تعليقات :