Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • 2023 Elections
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • 2023 Elections
No Result
View All Result
Nairametrics
No Result
View All Result
Home Markets Cryptos

Bitcoin is down 8% amidst market FUD

Ajibola AkamobyAjibola Akamo
2 years ago
in Cryptos, Spotlight
Elon Musk’s tweets wrecks Crypto market, as investor loses $90 million
Share on FacebookShare on TwitterShare on Linkedin

Bitcoin is bearish today as traders anticipate the possibility of the U.S. changing the direction of its monetary policy and China’s continued tightening of cryptocurrency regulations.

The price of the world’s top cryptocurrency is bearish by over 8% today, trading at $32,900 from around $36,000, although prices appear to be recovering. The drop marks the largest single daily loss for the cryptocurrency since May 28, amid sell pressure propped by fading bullish investor sentiment.

READ: The U.S. recovers $2.3 million in Bitcoin paid in the Colonial Pipeline ransom

The reason for this sell-off is the ongoing pressure from China on cryptocurrency mining operations and trading as the country goes after Weibo accounts of key opinion leaders in cryptocurrency. The country has blocked the accounts of these users saying the banned accounts violated Weibo guidelines and “relevant laws and regulations.”

Jehan Chu, managing partner at Hong Kong-based cryptocurrency investment firm, Kenetic Capital, stated, “China continues to pressure crypto with rolling mining bans wiping its most popular social media platform, Weibo, clean of crypto influencer accounts. This signals a tightening noose around crypto on the mainland.”

READ: MicroStrategy to invest $400 million in Bitcoin

Markets worldwide have had a lot of FUD (Fear Uncertainty and Doubt) as investors eye the possibility that the U.S. Federal Reserve could begin to unwind from its liquidity-boosting quantitative easing program. Though some say tapering of U.S. monetary policy is unlikely to affect cryptocurrencies and gold, arguing those asset classes possess resilience.

Deutsche Bank, Germany’s largest lender, has said the U.S. could be in for one of its worst inflationary periods in history with government spending and loose monetary policy likely catalysts for creating conditions last seen in the 1940s and 1970s.

READ: Rich investors are buying Bitcoin amid recent price correction

Jehan Chu stated, “While long-term fundamentals remain intact, U.S. monetary and macroeconomic policies are causing short-term jitters.”

Investors are now looking to offload some of their investments in hopes of entering at lower points as U.S. monetary and fiscal policy grows clearer.

Since Bitcoin is down, it should come as no surprise that other notable cryptos will go in the same trend. The top 10 by market capitalization have fallen between 8% and 13% over the last 24 hours. Polkadot and Dogecoin were the hardest hit of the top 10, down 13.74% and 12.65% respectively. Bitcoin is down 8.73% to trade $32,900.

Related

Tags: BitcoinchinaCryptocurrencyJehan ChuUS

Leave a Reply Cancel reply

Press one
hfm
Mega Millions
fidelity banner
SME
HFM
Patricia





NM newsletters

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • Visa Brings the FIFA Women’s World Cup™ Trophy to Nigeria
  • Denmark makes work permit, residency easier for foreign workers, startup founders, students
  • Chemical and Allied Products Plc reports 112% post-tax profit increase for period ended December 2022

Follow us on social media:

Recent News

VISA

Visa Brings the FIFA Women’s World Cup™ Trophy to Nigeria

March 31, 2023
Denmark makes work permit, residency easier for foreign workers, startup founders, students

Denmark makes work permit, residency easier for foreign workers, startup founders, students

March 30, 2023
  • Download Nairametrics iOS App
  • Download Nairametrics Android App
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • 2023 Elections

© 2023 Nairametrics

error: Alert: Content selection is disabled!!