Home Business Bitcoin dips below $20,000 and could hit the $10,000 level this year

Bitcoin dips below $20,000 and could hit the $10,000 level this year

Bitcoin dips below $20,000 and could hit the $10,000 level this year

After showing some stabilization over the past few weeks, the largest dipped below $20,000 again after Opening speech by President Jerome Powell.

initially showed little reaction to Powell’s remarks but then fell sharply and on Sunday it was hovering around $19,975 per digital coin, which is more than a 60% drop in value since last year , when it hit a record high of $68,000 in November.

prices had stabilized around the $23,000-$24,000 level after dipping below $20,000 in June.

Prices for Ethereum and other major digital currencies have also risen over the past two months, raising hopes that this nascent market may have bottomed out.

But the optimism could be premature and fleeting. Companies with direct ties to the crypto landscape continue to struggle, according to media reports.

Bitcoin, despite the hype that it is digital gold, has proven not to be an asset that performs well when inflationary pressures rise and interest rates rise.

Reports from last month suggested that Bitcoin could drop to $10,000 this year.

A latest Bloomberg “MLIV Pulse” survey found that the Bitcoin price was back to $10,000.

Shark Tank’s Kevin O’Leary also said that Bitcoin price has yet to bottom.

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 crisis, leaving several crypto exchanges and trading platforms to shut down operations, lay off people and freeze new hiring.

The Global The market lost at least $670 million in the April-June (Q2) quarter, and 97% of the losses were due to hacks and scams.



(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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