logologologologo
  • Home
  • Business
  • Markets
  • Exchange
  • Investment
  • Personal Finance

Bitcoin Falls Below $20,000. Fear Dominates

Investors are again deserting the cryptocurrency market, a trend that is likely to continue for some time.
t’s like the chorus of a song.

The cryptocurrency market is depressed again. Prices begin to fall again for a fifth session in a row. We are again under the trillion dollars in terms of market value. To be more specific, the market was worth $997 billion at the time at last check, down 1.3% in 24 hours, according to data firm CoinGecko.

This market has thus lost more than $2.1 trillion compared to its record last November of more than $3 trillion. The current bearish trend is symbolized by bitcoin which has lost 8% of its value in the last seven days. The king of cryptocurrencies fell below $20,000, a threshold under which it had not been since July 14.

Bitcoin was worth $19,871.15 at last check. It is down 71.2% compared to its record of $69,044.77 set on November 10 in the midst of crypto mania.

In recent weeks, the most popular of the cryptocurrencies had stabilized somewhat above $20,000 and even managed to reach the symbolic threshold of $25,000 on August 15 before retreating again on concerns about a monetary tightening of the Reserve federal.

Risky Assets

The equation is simple: cryptocurrencies, which are the face of the crypto industry for the general public, are considered by investors as risky assets in the same way as stock markets and especially technology groups. And as often, risky assets are the first to pay the price when things go wrong. In this case, investors are worried that an aggressive rate hike by the central bank will cause a hard landing for the economy, otherwise known as a recession. They therefore liquidate or steer clear of assets deemed unsafe.

Fed Chair Jerome Powell did not reassure them during his speech Friday at the traditional Fed symposium in Jackson Hole, Wyoming. The economy is likely to need higher rates, for a longer period of time, in order to tame the fastest domestic inflation in forty years, Powell said.

Powell added higher rates would likely lead to weaker near-term growth and softer conditions in the job market, describing it as the “unfortunate costs of reducing inflation.”

“We must keep at it until the job is done,” Powell said of the Fed’s inflation fight. “History shows that the employment costs of bringing down inflation are likely to increase with delay.”

The Merge Doesn’t Help Ether

Powell added that another “unusually large” rate hike might be appropriate in September, but noted that no decision has been taken and the size of the move “will depend on the totality of the incoming data and the evolving outlook.”

Powell’s speech even affects alt coins like ether, which is on the rise.

Ether, which is the native token of the popular Ethereum platform, is down 3% to $1,452.24 in the past 24 hours. And yet, the Merge, the famous Ethereum software update, that will be done in two phases in September, is seen as a game changer for the crypto industry.

The Merge is supposed to make blockchain affordable for a large number of people by lowering the prices of transactions and also by attracting environmentally conscious investors because there is going to be a new, much less energy-intensive transaction validation mechanism called proof-of-sate.

Related posts

February 8, 2023

OnePlus 11 review: A back-to-basics flagship phone


Read more

Categories

  • Business
  • Content
  • Exchange
  • Inflation
  • Investment
  • Markets
  • Personal Finance
  • Technology
  • Uncategorized

Archives

  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021

Recent Posts

  • OnePlus 11 review: A back-to-basics flagship phone
  • 4 Technologies That Aren’t That Big Today but Will Likely Be Massive in 20 Years
  • Google launches ChatGPT competitor in strike at Microsoft
  • Factbox-U.S. stock buybacks so far in 2023: big money, fewer companies
  • Spotify upgraded at Wells Fargo as company comes off ‘margin probation’

About Us

The Alpha Cut a Vida Street LLC Company
1404 N. Ronald Reagan Blvd.
Suite 1120
Longwood, FL 32750

Link

(843) 256-4375
https://thealphacut.com

Why Us

Terms & Privacy
Policy & Procedure
Disclaimer

This material is not an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only.
Any performance results discussed herein represent past performance, not a guarantee of future performance, and are not indicative of any specific investment. Due to the timing of information presented, investment performance may be adjusted after the publication of this report. There can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this communication will be profitable, equal any corresponding indicated historical performance levels or be suitable for your portfolio.
All data in this communication is provided for informational purposes only and is not intended for trading or investing purposes. We expressly disclaim the accuracy, adequacy, or completeness of any data and content provided by financial exchanges, individual issuers, their respective affiliates and business partners and shall not be liable for any errors, omissions or other defects in, delays or interruptions in such data, or for any actions taken in reliance thereon. You agree not to copy, modify, reformat, download, store, reproduce, reprocess, transmit or redistribute any data or information found herein or use any such data or information in a commercial enterprise without obtaining our prior written consent.
We make no express or implied warranties or representations and shall have no liability whatsoever with respect to any data contained herein. The data may not be further redistributed or used to create indices or other financial products. This report and the views expressed herein are subject to change at any time based upon market or other conditions (such as domestic and global economic trends) and are current as of the date of publication hereof. The information, analysis, and opinions expressed herein are for general information only and are not intended to provide specific advice or recommendations for any individual or entity.
We emphasize that Investment in the securities of smaller companies can involve greater risk than is generally associated with investment in larger, more established companies, and can result in significant capital losses that may have a detrimental effect on the value of your investments.
Forecasting represents predictions of market prices and/or volume patterns utilizing varying analytical data. It is not representative of a projection of the stock market, or of any specific investment.
Nothing contained in this material is intended to constitute legal, tax, securities or investment advice, nor an opinion regarding the appropriateness of any investment. The general information contained in this publication should not be acted upon without obtaining specific legal, tax and investment advice from a licensed professional.
Please remember that all investments carry some level of risk, including the potential loss of principal invested. They do not typically grow at an even rate of return and may experience negative growth.As with any structuring of a portfolio of investments, attempting to reduce risk and increase return could, at certain times, unintentionally reduce returns.
The information, analysis and opinions expressed herein are for general, impersonal information only and are not intended to provide specific advice or recommendations for any individual entity.

copyright © Alpha Cut 2021. All Right Reserved
The Alpha Cut a Vida Street LLC Company