Higher interest rates, rising inflation and other changes in the macroeconomy are the true culprit, he said. The history of cryptocurrency has been marked by speculative bubbles in 2011, 2013, 2017. Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic.
The drop in bitcoin's price has nothing to do with things happening in the crypto world, said Mauricio Di Bartolomeo, who runs Ledn, a bitcoin-lending service in Toronto. Edward Moya, senior market analyst at Oanda, said last week "there's a lot of long-term potential value" for investors who hold on to their bitcoin. "Long-term potential"?Īnalysts said they still believe the crypto is an ideal buy-and-hold investment. Goldman Sachs lent out money last month that was backed by bitcoin, a first in the company's history. Similarly, BTC was also famously stable in October and November of 2018, towards the end of the infamous 2018 bitcoin bear market.
Fidelity Investments announced last month that it's offering a bitcoin option in 401(k) accounts. As such, it is perhaps no surprise that bitcoin has now stayed within a relatively narrow range for some time. As of Tuesday afternoon, it was trading at around $31,600.īitcoin's price is falling even though well-known financial institutions are starting to use the digital asset. The world's largest and most popular crypto is now down 49.5% from its November high, Glassnode said. Considered highly unstable by some financial experts, bitcoin reached its highest price of $68,000 last November, in part because more companies like PayPal, Etsy and Whole Foods began accepting it as a form of payment.
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