12
Jun
2023
Madelina Feliks
18
May
2022
Bitcoin Investors Continue to Get Anxious as Prices Drop Below $30K
Since Bitcoin prices started slipping down from its highest of $68,000 in November 2021, the past week saw a price drop of $26,000, the lowest seen in the past 16 months. Today, May 18, BTC price closed at $28,947.21 USD after yesterday’s closing price of $29,716. Although Bitcoin trading in May 04 saw a surge in BTC price that ended with a $40K value, this all the more saw more BTCs being sold in the cryptocurrency market.
Factors Triggering BTC’s Increase Volatility
Cryptocurrency experts are saying the increased volatility in Bitcoin prices is a result of several factors, namely: price inflation, the geopolitical crisis in Europe, particularly Russia’s Ukraine invasion and anticipation of the Federal Reserve’s stricter monetary policy and government plans of regulating the US cryptocurrency industry.
Hope Springs Eternal for BTC Prices to Rise Again
Yet many believe the price will stabilize once BTC owners decide to hold on to their digital asset and wait for the turn around to happen. Hope springs eternal as far as BTCs are concerned since experts believe it’s just a question of when the trun around will happen. The expectation is that BTC prices can even soar to up to $100,000 apiece.
The greatest influencing factor is the Russian Ukraine conflict, which according to Bone Fide Wealth found and certified financial planner Doug Boneparth brings a tremendous degree of volatility regardless of the asset class in question. However, the volatility of the market conditions makes it difficult for investors to hold on to their investing strategies.
28
Jan
2022
New Developments Transpire in US Cryptocurrency Market as Price Continues to Plummet
The slump that the cryptocurrency market has been experiencing since last week is regarded as being the worst plunge in months. Bitcoin (BTC) plummeted to $34,000 while Ethereum (ETH) sunk below $2,200. The huge price drop came after the Federal Reserve’s report on a possible government-issued digital currency. This was during the middle of the stock market’s worst week for almost two years. According to the CoinMarketCap statistics, crypto market cap went below $2 trillion between the sell-off.
The great news though came this Monday, although it wasn’t until Wednesday that the delayed recovery effect was felt. investors placed $14 million into crypto funds but mainly to take advantage of the price dip. According to the report, the inflows last week mostly went to Bitcoin-focused accounts totalling USD 13.8 million.
US Government to Issue Its Own Digital Currency
The Biden government announced plans of issuing its own U.S digital currency and has taken the first step to determine the potential impact of such plan. The Federal Reserve is asking the opinion of citizens on the possible release of a digital dollar, tentatively called the Central Bank Digital Currency (CBDC).
Apparently the US Central Bank will issue and support the digitalized cash. Actually, if this pushes through, the U.S. will simply follow suit to China and Sweden, the firsts to experiment the adoption of cryptocurrencies
