Tuesday, September 19, 2023
HomeCryptoCryptocurrencies Melt Down in a ‘Perfect Storm’ of Fear and Panic

Cryptocurrencies Melt Down in a ‘Perfect Storm’ of Fear and Panic

Cryptocurrency prices have also fallen sharply. Bitcoin prices fell to $ 26,000 on Thursday, falling 60% from their November peak and then rising somewhat.Bitcoin price fluctuations have been since the beginning of this year Closely mirroring The Nasdaq benchmark, which focuses on tech stocks, suggests that investors treat investors like any other risk asset.

Ether’s price also plummeted, losing more than 30 percent of its value last week. Other cryptocurrencies like Solana and Cardano are also down.

Some analysts said panic could be exaggerated. According to Mizuho’s research, the average Bitcoin owner in Coinbase will not lose money until the price of digital currencies falls below $ 21,000. That’s where the true death spiral can occur, according to Dreff.

“Bitcoin was working as long as no one was losing money,” he said. “Once it returns to those levels, it’s a kind of” oh, my god “moment. “

Professional investors who have overcome the volatility of cryptocurrencies in the past have also calmed down. Hunter Horsley, CEO of Bitwise Asset Management, a crypto investment service provider to 1,000 financial advisors, met with more than 70 advisors this week to discuss the market. He said he didn’t sell much because all the other assets were down too. Some were even trying to take advantage of the drop.

“Their position is,’This isn’t fun, but there’s no place to hide,'” he said.

Still, the plunge in prices is rattling crypto traders. Just a few months ago, blockchain proponents predicted that Bitcoin could reach $ 100,000 this year.

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