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(Los Angeles = Yonhap News) Correspondent Yunseop Jeong = Bitcoin plummeted to the $30,000 level on the 9th (local time).
According to CoinDesk, a cryptocurrency information company, the price of Bitcoin was trading at $39,29.70 as of 4 p.m. Eastern time, a 10.57% drop from 24 hours ago.
Bitcoin fell to the $34,000 level on the 8th, halving from its all-time high (about $69,000) in November last year.
Other cryptocurrencies such as Ethereum also plummeted.
According to Bloomberg News, the bitcoin price has fallen more than 50% from its peak, and the decline has widened.
Michael Novogratz, CEO of Galaxy Digital, a billionaire cryptocurrency investor, warned that “the cryptocurrency price will trade in sync with the Nasdaq market until it finds a new equilibrium,” and warned that “there will be bigger losses.” .
“It will be a very volatile, volatile and difficult market for at least the next few quarters,” he said.
Experts predicted that Bitcoin’s decline would continue as the stock market and the virtual currency market, which were hit by the interest rate hike, continue to synchronize.
Darshan Bashija, CEO of cryptocurrency exchange Bold, explained, “Fear of inflation, most investors are selling stocks and cryptocurrencies together to reduce risk.”
Edul Patel, CEO of Mudrex, a cryptocurrency investment platform, said, “The downtrend is likely to continue for a few days.”
According to Bloomberg News, the correlation index between the S&P 500 and Bitcoin stood at 0.82 for the past 40 days.
If this indicator is 1, it means that stocks and Bitcoin are in perfect synchronization, and if this indicator is -1, it means that the prices of the two assets move in the opposite direction.
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2022/05/10 05:18 Send