Bitcoin was still trading at $ 12,000 on Tuesday, but on Friday morning its price tag dropped to $ 10,100. Ethernet experienced a similarly sharp drop – from $ 485 in a few days to $ 375. During Friday, digital coin exchange rates recovered slightly.
Industry portals they mention Several factors that Bitcoin et al. pulled down. The dollar strengthened sharply and, in addition, cryptocurrencies swept against US stocks, which closed trading yesterday with the deepest decline in a few months. The value of bitcoin continues to follow the rhythm of traditional financial markets more than proponents of digital currencies and proponents of the “digital gold” thesis would like. In addition, if the US currency strengthens its position as a safe haven, it may damage the perception of bitcoin and gold as alternatives.
Bitcoin exchange rate development:
Another event that is depressing the exchange rate of digital currencies is the increased supply of coins by their miners. Trying to get rid of bitcoins means that some minerals are already catching up May halving of bitcoinwhich halved their rewards.
However, a sudden decline in the cryptotrku is also evident in the framework trendu DeFi, which has transformed from a cryptocurrency avant – garde into a regular financial bubble in recent months. The amount of capital involved in its inflation, however, fell sharply for the first time, by almost a billion to $ 8.8 billion.
“The end of this bubble, like the previous one, will culminate in a 99 percent drop in the price of these currencies and the persistence of two to three, which will actually have some, albeit minimal, use,” said previously for E15 portfolio manager Consequ Jiří Procházka.
Digital coin lending interest projects operate under increasingly bizarre names (Yam, Pizza or Hotdog) and attract speculators to earn faster and faster. However, according to virtual currency popularizers, they must reckon with the fact that investing in DeFi is an even riskier business than betting on “classic” cryptocurrencies.
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However, from the point of view of the historical and long-term development of the price of bitcoin, similar corrections are no exception and have also appeared in previous bullish (growth) cycles.
“The worst may be over now,” he said, according to the server CoinDesk analyst Edward Morra. He added, however, that the price recovery of bitcoin would probably take a few more days.
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