Bitcoin drift: falls hard and drags other cryptocurrencies

Bitcoin drift falls hard and drags other cryptocurrencies

The Bitcoin had dodged the blow from China, but could not at the Fed and the dollar, and now its value falls with force’s wasting about 6% – less than $33,000 or, its lowest since late June.

The fall of Bitcoin drags the rest of the cryptocurrencies and some fall up to 10%.

The People’s Bank of China (PBOC) announced that it had called for the closure of a company that “was suspected of providing software services for virtual currency transactions” and reiterated its anti-crypto stance, warning institutions against providing services to related companies cryptocurrencies.

Bitcoin and the remnants of cryptocurrencies had been indifferent. However, after the publication of the minutes of the US Federal Reserve and the strengthening of the dollar in the world, prices took a swerve.

The document confirmed the reduction of its asset purchases and economists polled by ‘Reuters’ expect the Fed to announce a strategy for ‘tapering’ in August or September.

Now the market begins to look more closely at other cryptocurrencies, especially Ethereum. In fact, a Goldman Sachs report predicts that it could outperform Bitcoin.

“Ether currently looks like the cryptocurrency with the greatest potential for real use as Ethereum, the platform on which the digital currency is native, is the most popular development platform for smart contract applications,” the report says.