Endless price drop: Bitcoin price falls to 70,000 US dollars
The price of Bitcoin continues in only one direction; it has now fallen to 70,000 US dollars. Experts see lost interest and pessimism.
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The Bitcoin price continues to slide, and on Thursday, the next major mark of 70,000 US dollars came within reach. According to data from CoinMarketCap, the price is currently around 70,000 US dollars, slightly above it. At the same time, the most important cryptocurrency by far has lost around 7 percent of its value in the past 24 hours alone, and almost 20 percent within a week. In mid-November, one Bitcoin cost more than 100,000 US dollars. The latest price drop began at the end of last week, triggered by the nomination of Kevin Warsh for the top position at the US Federal Reserve. A more restrictive monetary policy is expected from him.
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No turnaround in sight
As has been the case for a long time, the price of Bitcoin is not falling alone; all other important cryptocurrencies have also participated in the downward trend. For example, Ethereum has lost almost 30 percent of its value in the past week and is currently trading just over 2000 US dollars. The news agency Reuters quotes an analysis from Deutsche Bank assessing that the broad price drop is due to capital outflows from institutional investors and ETFs, who have sold billions worth of Bitcoin monthly. The fact that they have been selling continuously for some time now is “a signal that traditional investors are losing interest and general pessimism towards cryptocurrencies is growing.”
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Bitcoin reached its all-time high only at the beginning of October, when it cost over 125,000 US dollars. It has since lost 45 percent of that value, and there are no signs of a turnaround. Due to the price drop at the end of the year, Bitcoin also closed the entire year with a deficit of more than 6 percent. However, as Bitcoin's price had previously only known one direction, this was only the fourth year in the history of the cryptocurrency, launched in 2009, in which it did not gain value. The current price drop is occurring in parallel with difficult days on the stock market, during which, for example, shares of software companies came under strong pressure again.
(mho)
