What’s the deal with crypto today? After falling more than $6,000, the Bitcoin price crash was explained, as well as its current worth
bitcoin
Bitcoin’s value has dropped below $60,000 after hitting an all-time high of almost $69,000 just over a week ago.
Bitcoin and other major cryptocurrencies fell on Monday night, wiping out billions of dollars from the cryptocurrency market.
After reaching an all-time high of almost $69,000 less than a week ago, Bitcoin’s value has dropped below $60,000.
It was valued at roughly $59,200 on Tuesday morning, a reduction of around 10% in only 24 hours.
Ethereum has lost about 11% of its value and is currently trading at roughly $4,180.
Solana, Ripple, Cardano, Dogecoin, and Shiba Inu are among the other cryptocurrencies that have lost roughly 10% of their value.
Overnight, the global cryptocurrency market dropped by more than $200 billion, to roughly $2.6 trillion.
What caused the cryptocurrency market to crash?
The incident was likely caused by a multitude of causes.
The US Securities and Exchange Commission (SEC) recently rejected a spot bitcoin exchange-traded fund (ETF), which would have flooded the crypto market with billions of dollars.
China has also tightened its grip on Bitcoin mining, which contributed to the last crisis earlier this year.
In the next round of its crackdown, China’s National Development and Reform Commission stated on Tuesday that it will examine “punitive electricity tariffs” for some crypto mining.
Ned Segal, Twitter’s CFO, also made unfavorable remarks regarding bitcoin, which may have influenced the market.
Investing money in crypto assets, he added, “doesn’t make sense” right now.
Bitcoin might continue to lose value, according to Matthew Dibb, COO and co-founder of Stack Funds.
Bitcoin might continue to lose value, according to Matthew Dibb, COO and co-founder of Stack Funds.
“We have noticed some larger sales occur on Bitfinex as well as openings of new short positions,” he said.
“While liquidations so far are quite low by historical standard and funding rates are approaching flat, we could see a further cool-off in BTC for the short term as momentum is beginning to stall.” as seen on CoinDesk
Should I put any money into cryptocurrencies?
People invest at their own risk, and British financial authorities do not oversee cryptocurrencies.
All cryptocurrency investments are dangerous, but meme currencies like Shiba Inu are more volatile, and you can expect to lose your whole investment.
The Financial Conduct Authority (FCA) warned in January: “Investing in cryptoassets, or investments and lending linked to them, generally involves taking very high risks with investors’ money.
“If consumers invest in these types of product, they should be prepared to lose all their money.”
Hargreaves Lansdown’s Susannah Streeter, a senior investing and markets analyst, recently discussed the dangers to i.
She said: “On top of being extremely volatile, most cryptocurrencies are unregulated, which not only adds another layer of uncertainty but also means that investors have little or no protection against fraud.
