Bitcoin News Bitcoin falls below $35,000 again, anticipating "busy weekend"

Bitcoin falls below $35,000 again, anticipating “busy weekend”

-

- Advertisment -

The main cryptocurrency does not react and analysts believe that volatility could increase in the next few hours.

Bitcoin fell below the $35,000 lines again this Saturday and, like other digital tokens, was affected when the head of the Bank of Japan, Haruhiko Kuroda, joined the list of central bankers who expressed skepticism about its usefulness in the real world.

“Most of the trade is speculative and volatility is extraordinarily high. It is hardly used as a means of payment,” Kuroda said in almost coincidental statements with his peers at other central banks around the world, the Bloomberg agency noted.

The president of the United States Federal Reserve, Jerome Powell, had said a month ago that cryptocurrencies are simply vehicles for speculation, and similarly, the vice president of the European Central Bank, Luis de Guindos, said that tokens should not be considered real investments.

In this climate, Bitcoin marks a drop in its price of 7% until it breaks the floor of $ 35,000 at some moments of the day, and finally stabilizes at that level in the last hours, although remembering the collapse of the cryptocurrencies last week, traders are bracing for new volatility over the weekend.

“Looking at the unrest in the cryptocurrency market, there is a possibility that we will see another bumpy weekend in trading Bitcoin and other cryptocurrencies,  said Ipek Ozkardeskaya, senior analyst at Swissquote.

Prices rose 10% last Saturday, only to fall 18% the next day.

Regardless, Bitcoin changed little over the week, after a 44% sell-off from the April peak of $63,000.

More generally, the threat of stricter regulation remains a drag on crypto market sentiment.

China and Iran cracked down on Bitcoin mining operations for using too much electricity and there is speculation that US lawmakers may increase financial oversight given the growing market size and intense volatility.

On a technical level, the key marker is $30,000, Ozkardeskaya said, understanding that a break below that level would be “a further affirmation of an extended bear market,” he said.

Ben Pence
Ben Pence is a The Advertiser Mirror correspondent who covers politics, business, money, lifestyle, technologies and worldwide news. Ben is a talented guy of 22 years old who loves to write and record Podcasts as a part of his ideal to inform people about news and opinions.

Latest news

Does the Netherlands declare war on Bitcoin?

A Dutch government official argued that digital currency "does not fulfill any of the three functions of money and is practical for criminals."

Someone paid $28 million to travel to space with Jeff Bezos

The traveler beat about 20 rivals in an auction that began on May 19 and whose last 10 minutes were broadcast on television.

The Covid-19 pandemic has encouraged child labor in Latin America

Some 8.2 million minors, between the ages of 5 and 17, work in Latin America and the Caribbean, a region that is "far" from eradicating this child activity due to the pandemic.

A estimate that global oil demand will stabilize by the end of 2022

Global oil demand is recovering at a strong pace this June and that trend should continue in the coming quarters, according to the International Energy Agency (IEA).
- Advertisement -

Bitcoin can’t break through $38,000, a key step in attempting a new shot

The main cryptocurrency is trading around US $36,000 this Saturday, after a week marked by instability.

Which countries top the ranking of earnings through Bitcoin

The blockchain company Chainalysis made an estimate of the profits obtained from Bitcoin transactions in 2020 according to the nationality of the investors.

Must read

- Advertisement -

You Might Also LikeRELATED
Recommended to you