Further, China's announcement on May 18 banning financial institutions and payment companies from providing services related to cryptocurrency transactions exacerbated selling. China also warned investors against speculative crypto trading. Most analysts opine that volatility is the sole nature of the market and hence there is nothing to be perturbed about. In fact, it's a very healthy correction and market participants should utilise this correction to buy cryptos.
The price is still within the limits We are still in a bull run phase and I don't see the crypto breaking below 24K zone," Menon said further. Such corrections are mainly due to short-term traders taking profits. Long-term value investors might call these lower prices a buying opportunity. Neither type of investor would say that tweets are the underlying cause. Investors should invest in education first. Meanwhile, analysts at JPMorgan say that investors may also be exiting Bitcoin for gold, citing positioning data compiled on basis of open interest in CME Bitcoin futures contracts.
This shows "the steepest and more sustained liquidation" in Bitcoin futures since last October, they told clients, adding that it pointed to "continued retrenchment by institutional investors", Reuters reported quoting JP Morgan analysts. Prateek Singh, Founder, LearnApp, says, "For Bitcoin it has seen its fair share of falls, the worst being in , that was 83 percent.
Musk did suggest on Wednesday that the automaker was not selling its existing bitcoin, saying with emojis on Twitter that Tesla has "diamond hands. Early this week, the Tesla CEO suggested the company may have sold its bitcoin holdings but later clarified that it has "not sold any Bitcoin. Then on Tuesday, three Chinese banking and payment industry bodies issued a statement warning financial institutions not to conduct virtual currency related business, including trading or exchanging fiat currency for cryptocurrency.
China's hard line on digital currencies is not new. In , authorities shut down local cryptocurrency exchanges and banned so-called initial coin offerings ICOs , a way for companies in the space to raise money through issuing new digital tokens. Traders in China once accounted for a huge share of the bitcoin market but after the crackdown, their influence was reduced significantly.
Chinese cryptocurrency operations have moved abroad. Though that number seems "astronomical," such moves aren't uncommon in the volatile crypto market, he added. Skip Navigation. Investing Club.
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Arthur Hayes, the co-founder of crypto exchange BitMEX, fears the price of bitcoin and ethereum could fall much further. The price of bitcoin has crashed below $30,, adding to the heavy losses seen across the crypto market in recent months. The price of bitcoin has crashed below $30,, taking its total losses to more than 50 per cent since it hit an all-time high in April.