Gibbs’s wealth management chairman Erin Gibbs and B. Riley National chief market strategist, Art Hogan, discuss cryptocurrency, ‘sell’ transactions and what stocks to look for.
Bitcoin, the world’s largest cryptocurrency, fought back on Monday after a weekend crash.
BITCOIN SLEEPS 14% AS BACK FROM RECORD HIGH COMPASSION
Prices fell near $ 56,000 in the late afternoon after dipping as much as 14% to $ 51,541, wiping out the majority of gains from the previous week, leading to a record high of $ 63,200, Coindesk found has.
The recent gains of Bitcoin were fueled by the historic debut on the stock market of currency exchange operator Coinbase, which launched a direct listing on the Nasdaq on April 14th. of about $ 99.5 billion.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| COIN | Currency base global | 333.00 | -9.00 | -2.63% |
According to cryptocurrency analysis firm Bybt, bitcoin on Sunday set a new record in liquidations, resulting in the deletion of about one million positions worth about $ 10 billion.
DOGECOIN: WHAT IS BEHIND THE DISORDER?
It is believed that several factors are related to the decline of bitcoin.
The data website CoinMarketCap attributed the sales of bitcoin to an eclipse in the Xinjiang region of China, which allegedly drives much of the mining of the digital currency.
Meanwhile, some reports speculated that the decline of bitcoin could possibly be linked to concerns that the U.S. Treasury could suppress money laundering through digital assets. A Treasury spokesman did not immediately return FOX Business’s request for comment.
Binance’s recent quarterly burning of more than $ 1 million in BNB tokens, valued at about $ 595 million, also feared market uncertainty.
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Despite the decline of bitcoin, many crypto-investors with big names are still bullish.
On Sunday, Tyler Winklevoss, founder of Winklevoss Capital Management, along with his twin brother Cameron, and the exchange of Gemini cryptocurrencies, encouraged investors on Twitter to buy the dip.
Galaxy Digital CEO Mike Digital added in a tweet that the decline is ‘inevitable’, but that in the long run it is nothing to worry about.
‘Markets got too excited $ Coin direct listing, “Novogratz said.” Base blows out, coins like $ BSV, $ XRP and $ DOGE pump. All were signs that the market had come to one side. We will be good in the medium term if institutions come to space. ‘
“In the short term, we will have to rebuild a trade base,” he added. “Market damage does not heal overnight. Good luck out there.”
The chairman of the Bitcoin foundation, Brock Pierce, said in a statement to FOX Business on Monday that he would like to see how the market will establish in the next few days, but he remains extremely bullish.
“This is just normal volatility in the Bitcoin market, and the downturn is only bringing us back to where we were two weeks ago,” Pierce said. “I still think all the conditions are favorable to increase in the medium and long term, and I, like others, really want to make more investments in space.”
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The volatility comes because bitcoin and other cryptocurrencies are still accepted.
The Bank of England recently announced that it will create a central bank’s digital currency, as well as a task force to investigate its uses.
China is also working on a digital yuan, which is reportedly being considered during the 2022 Winter Olympics in Beijing. Li Bo, deputy governor of the People’s Bank of China (PBOC), also referred to bitcoin as an “investment alternative.”