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After showing some stabilization over the past few weeks, the world’s largest cryptocurrency Bitcoin has once again fallen below $20,000 following a keynote from Federal Reserve Chairman Jerome Powell.
Bitcoin initially showed little reaction to Powell’s comments, but nosedived sharply and was hovering around $19,975 on Sunday for the digital coin, a 60 percent drop in value since a peak of $68,000 in November last year. .
After falling below $20,000 in June, the price of Bitcoin has been stable around $23,000 to $24,000.
The price of Ethereum and other popular digital currencies have also risen over the past two months, fueling hopes that the startup could hit new lows.
But optimism can be premature and fleeting. As reported by the media, companies that have a direct relationship with the crypto landscape continue to struggle.
Bitcoin has been touted as digital gold, but it has not proven to be a good performing asset when inflation and interest rates rise.
Reports last month suggested Bitcoin could drop to $10,000 this year.
The latest Bloomberg ‘MLIV Pulse Survey’ confirmed that the price of Bitcoin is heading towards $10,000.
Shark Tank’s Kevin O’Leary also noted that the price of Bitcoin has never been lower.
According to experts, the price of Bitcoin will reach $10,000 before returning to the $30,000 level.
Bitcoin has seen its worst days in recent months amid the economic downturn, which has caused many crypto exchanges and trading platforms to tighten operations, lay off people and freeze fresh hires.
The global cryptocurrency market lost at least $670 million in the April-June quarter (Q2), and 97 percent of the losses were due to hacking and fraud.
— No matter
to/dpb
(Only the title and image of this report may have been reproduced by Business Standard staff; the rest of the content was generated automatically from the syndicated feed.)
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