Bitcoin; The Dump and Slump in Crypto Prices
Bitcoin fell for a fourth consecutive trading session, reaching the lowest since February, on concerns about potential sellings and dumping by governments, creditors of a failed exchange and beleaguered crypto miners.
The digital asset fell as much as 8% to $53,602, before paring the decline by about half. Most cryptocurrencies fell broadly also along the same line.in a ripple effect.
Bitcoin is now down about 25% from its March record, as the buzz around US exchange-traded funds investing directly in the token gives way to fears of higher interest rates and political uncertainty.
On top of that, administrators of the failed Mt. Gox exchange are returning billions of dollars worth of Bitcoin to creditors. A Mt. Gox-linked wallet moved billions of dollars worth of the Bitcoin on Friday, according to Intelligence report.
All these dumpings and likely selling off have impacted serious on crypto prices leading to a downward movement. But I dare say fear not, what goes down must rise again. That is the crypto market. As usual, go your research well and get positioned to take advantage of even a bad situation. Follow me, comment and like as I bring you more excerpts.