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Bitcoin retrospective of the last 24 hours

The price of bitcoin fell sharply for the fifth day in a row, reducing the cryptocurrency by 29% within the day and 50% compared to all-time on April 14 from 64,899 USD. Other cryptocurrencies suffered more extreme sales; Ethereum fell 40% and others more than 50%. Cryptocurrency derivatives markets have been hit with over $ 8 billion in liquidations of positions in the last 24 hours. JPMorgan said the sale showed the “steepest and most sustainable liquidation” of bitcoin futures since October 2020.
In a statement yesterday, the China National Internet Finance Association, the China Banking Association, and the China Payments and Clearing Association said: “Cryptocurrency prices have jumped and fallen sharply, and speculation in cryptocurrency trading has recovered. ”
The statement warned Chinese investors not to invest in the instability of the cryptocurrency market because it seriously undermines the security of people’s property and disrupts the normal economic and financial order. Banks and online payment channels cannot offer any services related to cryptocurrencies, such as registration, clearing, trading, and settlement. Institutions may not provide cryptocurrency products, savings services, and cryptocurrency advocacy services. And on the PBOC WeChat account, the associations said that the virtual currency “is not a real currency” and “should not and cannot be used as a market currency.” The new ban comes at the same time as extensive regulatory repression of the fintech sector. The largest companies, including Alibaba and Tencent, have been hit by huge fines for monopolistic practices. The PBOC is also promoting its own digital yuan, which it is currently testing in pilot cases.
Sales pressure could return later today, but earlier lows should be maintained. However, if the price of bitcoin falls today or later this week, the next level of support is the level from March 2020 to 27,175 dollars, and then the maximum in 2017 to 19,891 dollars.
The leading cryptocurrency is known as digital gold, a narrative that was the anchor of the driving institutional adoption. JPMorgan analysts previously predicted that BTC would reach $ 140,000 in the long run. According to analysts, the current fair value for Bitcoin based on the volatility ratio of BTC and gold would be a quarter of the forecast, at $ 35,000.
Bitcoin
According to the Bitcoin archive, the end of Bitcoin has now been announced more than 400 times in 12 years. There have been 414 for Bitcoin since its inception in 2010, and yesterday’s post-mortem estimates of Bitcoin are still being added to the list. Bitcoin has always been a good topic for criticism by the mainstream media. It is price instability, the still-unsolved mystery of its creator Satoshi Nakamoto and its decentralized structure that allows its use in illegal transactions make Bitcoin an easy target for sensational titles.
This week’s fall in prices similarly triggered apocalyptic headlines from a multitude of major media outlets. Over $ 350 billion was lost overnight on the market capitalization of cryptocurrencies.

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