Selloff Pushes Bitcoin Price Below $20K



Bitcoin has now lost 72% of its value from its high point in November, after the price dropped below $20,000 on Saturday. And Ether slipped below $1,000. The cryptocurrency selloff partly has been prompted by concerns—shared by stock traders—about inflation and the Federal Reserve’s steps to slow rising prices, the Wall Street Journal reports. “Bitcoin breaking the $20,000 price level was a long coming, given the pessimism that we have in the market,” said an AvaTrade market analyst. The last time Bitcoin was under $20,000 was November 2020, per CNN.

Ether, which is the second-largest digital token, fell almost 10% on Saturday, hitting $975, its lowest level since January 2021. That coin has lost 80% of its value from its record high, also set last November. In addition, the industry is feeling the effects of the recent $60 billion collapse of tokens Terra-Luna and Celsius, which increased doubts about digital currency’s long-term stability. The AvaTrade analyst said the effects of the Terra collapse will be felt for a while. The currency exchange Coinbase announced layoffs this week.

Cryptocurrency boomed earlier in the pandemic, aided by investors’ stimulus payments. Bitcoin’s price increased by a factor of 12 between March 2020 and last November, per CNN, to $64,000. A retired investment adviser in Ohio who made a $10,000 investment in bitcoin in 2020 told the Journal she plans to sit on it. “I’ve seen a lot of cycles. I’ve been watching this for 45 years,” Wayne Sharp said. “Humans just make the same mistakes over and over again.” (Read more bitcoin stories.)

var FBAPI = '119343999649';

window.fbAsyncInit = function() { FB.init({ appId: FBAPI, status: true, cookie: true, xfbml: true, oauth: true, authResponse: true, version: 'v2.5' });

FB.Event.subscribe('edge.create', function (response) { AnalyticsCustomEvent('Facebook', 'Like', 'P'); }); };

// Load the SDK asynchronously (function (d, s, id) { var js, fjs = d.getElementsByTagName(s)[0]; if (d.getElementById(id)) return; js = d.createElement(s); = id; js.src = ""; fjs.parentNode.insertBefore(js, fjs); }(document, 'script', 'facebook-jssdk'));



Read original article here

Denial of responsibility! Elite News is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Leave a comment