The price of Bitcoin fell amid investor action in adjustment to prevailing market conditions. The decision may have been pegged on a response to get rid of risk as equity markets dropped across the board.
The high level ramifications of the lingering COVID-19 pandemic, along with a rather slow global economic comeback, may have been worsened by the occurrence of a delta variant that may influenced investors to opt for less risky assets.
On Thursday July 8, Bitcoin was trading at $32, 500, a figure that represents a 6 percent drop in comparison to previous figures. Crypto experts have since noted a similar trend in the fall of other digital coins that have taken the fall along with the world’s largest crypto by market value – ether is trading at $2,150, a figure that accounts for a 9.5 percent drop in performance.
Notably, the latest crypto news are hot in the heels of reports emanating from Japan, one of the largest economies on the planet, that has been compelled to declare a state of emergency in Tokyo in light of the planned Olympics amid an expected surge in COVID cases.
The Japanese government’s decision has since shaken the stock market, with stock futures taking a significant dive. Firms, which would have otherwise reaps gains from an economic rebound, declined at early trading.
Considering how Bitcoin has always seemed to respond to traditional market disruptions (and vice versa), Japan’s decision may have contributed to the latest price drop. In fact, various market researchers have always advised stock market traders to look out for potential forces around the Bitcoin price as volatile digital assets may cause harm to their investments.
Indeed, Bitcoin has been struggling to reclaim its previous highs – the cryptocurrency has been hanging around the $30,000 mark, which is a downgrade from its all-time high of $65,000 that was achieved back in April.
Bitcoin's Never-Ending Woes
A host of factors have made the crypto’s future quite uncertain, despite the optimism expressed by a number of traders who assert that Bitcoin will win in the long term.
Not long ago, the Beijing office of China’s Central Bank ordered the closure of a firm that was allegedly supplying software tools for crypto trading activities. Chinese authorities compelled the Beijing Qudao Cultural Development Co. Ltd. to suspend their operations and deactivate their website.
A statement by the Beijing financial supervision administration and a department of the People’s Bank of China asserted that Beijing-based firms were not permitted to serve as hosts for crypto-related businesses.
Point to note, the event was just but another of the many Chinese regulatory actions that have targeted the virtual industry over the years.
Further, the Bank of Japan’s Governor Haruhiko Kuroda added his voice to the long list of Bitcoin critics that have not shied away from taking a swipe at the world’s first cryptocurrency.
While speaking to Bloomberg, the official dismissed Bitcoin’s importance and asserted that the virtual currency is “barely used as a means of settlement”.
Kuroda added that Bitcoin, along with similar digital currencies, do not have tangible assets that may be used to back up their value. He went on to excuse stablecoins, which denote crypto assets whose prices are pegged on fiat currencies and traditional commodities.
Kuroda’s interview was acknowledged as a significant blow to the crypto markets as investors were sent into a state of panic amid fears of imminent regulation.
To conclude, while Bitcoin has been considered a hedge in many aspects, it appears that the digital coin is set to suffer longstanding volatility through the year and decline with further decreases in risk assets.
The price of Bitcoin fell amid investor action in adjustment to prevailing market conditions. The decision may have been pegged on a response to get rid of risk as equity markets dropped across the board.
The high level ramifications of the lingering COVID-19 pandemic, along with a rather slow global economic comeback, may have been worsened by the occurrence of a delta variant that may influenced investors to opt for less risky assets.
On Thursday July 8, Bitcoin was trading at $32, 500, a figure that represents a 6 percent drop in comparison to previous figures. Crypto experts have since noted a similar trend in the fall of other digital coins that have taken the fall along with the world’s largest crypto by market value – ether is trading at $2,150, a figure that accounts for a 9.5 percent drop in performance.
Notably, the latest crypto news are hot in the heels of reports emanating from Japan, one of the largest economies on the planet, that has been compelled to declare a state of emergency in Tokyo in light of the planned Olympics amid an expected surge in COVID cases.
The Japanese government’s decision has since shaken the stock market, with stock futures taking a significant dive. Firms, which would have otherwise reaps gains from an economic rebound, declined at early trading.
Considering how Bitcoin has always seemed to respond to traditional market disruptions (and vice versa), Japan’s decision may have contributed to the latest price drop. In fact, various market researchers have always advised stock market traders to look out for potential forces around the Bitcoin price as volatile digital assets may cause harm to their investments.
Indeed, Bitcoin has been struggling to reclaim its previous highs – the cryptocurrency has been hanging around the $30,000 mark, which is a downgrade from its all-time high of $65,000 that was achieved back in April.
Bitcoin's Never-Ending Woes
A host of factors have made the crypto’s future quite uncertain, despite the optimism expressed by a number of traders who assert that Bitcoin will win in the long term.
Not long ago, the Beijing office of China’s Central Bank ordered the closure of a firm that was allegedly supplying software tools for crypto trading activities. Chinese authorities compelled the Beijing Qudao Cultural Development Co. Ltd. to suspend their operations and deactivate their website.
A statement by the Beijing financial supervision administration and a department of the People’s Bank of China asserted that Beijing-based firms were not permitted to serve as hosts for crypto-related businesses.
Point to note, the event was just but another of the many Chinese regulatory actions that have targeted the virtual industry over the years.
Further, the Bank of Japan’s Governor Haruhiko Kuroda added his voice to the long list of Bitcoin critics that have not shied away from taking a swipe at the world’s first cryptocurrency.
While speaking to Bloomberg, the official dismissed Bitcoin’s importance and asserted that the virtual currency is “barely used as a means of settlement”.
Kuroda added that Bitcoin, along with similar digital currencies, do not have tangible assets that may be used to back up their value. He went on to excuse stablecoins, which denote crypto assets whose prices are pegged on fiat currencies and traditional commodities.
Kuroda’s interview was acknowledged as a significant blow to the crypto markets as investors were sent into a state of panic amid fears of imminent regulation.
To conclude, while Bitcoin has been considered a hedge in many aspects, it appears that the digital coin is set to suffer longstanding volatility through the year and decline with further decreases in risk assets.
The price of Bitcoin fell amid investor action in adjustment to prevailing market conditions. The decision may have been pegged on a response to get rid of risk as equity markets dropped across the board.
The high level ramifications of the lingering COVID-19 pandemic, along with a rather slow global economic comeback, may have been worsened by the occurrence of a delta variant that may influenced investors to opt for less risky assets.
On Thursday July 8, Bitcoin was trading at $32, 500, a figure that represents a 6 percent drop in comparison to previous figures. Crypto experts have since noted a similar trend in the fall of other digital coins that have taken the fall along with the world’s largest crypto by market value – ether is trading at $2,150, a figure that accounts for a 9.5 percent drop in performance.
Notably, the latest crypto news are hot in the heels of reports emanating from Japan, one of the largest economies on the planet, that has been compelled to declare a state of emergency in Tokyo in light of the planned Olympics amid an expected surge in COVID cases.
The Japanese government’s decision has since shaken the stock market, with stock futures taking a significant dive. Firms, which would have otherwise reaps gains from an economic rebound, declined at early trading.
Considering how Bitcoin has always seemed to respond to traditional market disruptions (and vice versa), Japan’s decision may have contributed to the latest price drop. In fact, various market researchers have always advised stock market traders to look out for potential forces around the Bitcoin price as volatile digital assets may cause harm to their investments.
Indeed, Bitcoin has been struggling to reclaim its previous highs – the cryptocurrency has been hanging around the $30,000 mark, which is a downgrade from its all-time high of $65,000 that was achieved back in April.
Bitcoin's Never-Ending Woes
A host of factors have made the crypto’s future quite uncertain, despite the optimism expressed by a number of traders who assert that Bitcoin will win in the long term.
Not long ago, the Beijing office of China’s Central Bank ordered the closure of a firm that was allegedly supplying software tools for crypto trading activities. Chinese authorities compelled the Beijing Qudao Cultural Development Co. Ltd. to suspend their operations and deactivate their website.
A statement by the Beijing financial supervision administration and a department of the People’s Bank of China asserted that Beijing-based firms were not permitted to serve as hosts for crypto-related businesses.
Point to note, the event was just but another of the many Chinese regulatory actions that have targeted the virtual industry over the years.
Further, the Bank of Japan’s Governor Haruhiko Kuroda added his voice to the long list of Bitcoin critics that have not shied away from taking a swipe at the world’s first cryptocurrency.
While speaking to Bloomberg, the official dismissed Bitcoin’s importance and asserted that the virtual currency is “barely used as a means of settlement”.
Kuroda added that Bitcoin, along with similar digital currencies, do not have tangible assets that may be used to back up their value. He went on to excuse stablecoins, which denote crypto assets whose prices are pegged on fiat currencies and traditional commodities.
Kuroda’s interview was acknowledged as a significant blow to the crypto markets as investors were sent into a state of panic amid fears of imminent regulation.
To conclude, while Bitcoin has been considered a hedge in many aspects, it appears that the digital coin is set to suffer longstanding volatility through the year and decline with further decreases in risk assets.
