Business News Cryptocurrency price: Bitcoin, Ethereum and Binance plummet to 13%

Cryptocurrency price: Bitcoin, Ethereum and Binance plummet to 13%

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Bitcoin is trading at less than half its all-time high, while the other cryptocurrencies are deflating in tune. One question returns to the market: is it time to invest or to flee?

The main cryptocurrencies plummet to 13% and a question to resonate in the markets: if the bubble burst or there will be a speedy recovery, is it time to invest or flee?

According to the Investing panel, Bitcoin (BTC) falls 10% to $32,871, far from its all-time high of almost $64,500 that it marked last April.

Ethereum (ETH) down 11% to $2,501; Binance Coin (BNB) lost 13.65% to $348.46 and Cardano (ADA) fell 12.61 to $1.514089.

Despite the steep drops in recent weeks, Coinbase, the global cryptocurrency exchange, reported unprecedented growth in the institutional market in the first quarter of 2021.

Investing revealed that since December 31, 2020, Coinbase’s institutional portfolios have risen 170%, from $45 billion. at the end of the fourth quarter of 2020 to $122 billion at the end of the first quarter of 2021.

The data is key in this sector, taking into account that Coinbase serves more than 8,000 institutional clients, among which are hedge funds, asset managers, companies, pensions and foundations.

According to a study by leading analytics provider Apex: E3, this trend for cryptocurrencies was demonstrated in that institutional investors bought 132,594 Bitcoin worldwide in the first quarter.

“Over time we have observed a number of factors that have attracted institutional investors to this space, from hedging against inflation, diversifying company balance sheets and the desire for greater participation in the digital economy, including areas such as payments, payroll and cross-border payments. Customer demand is also playing an important role, “said Drew Robinson, Head of Hedge Fund Sales at Coinbase.

Cryptocurrencies: invest or flee?

When asked by investors, Pablo Cabrol, a Bitcoin analyst, said in a dialogue days ago that the collapse of the main cryptocurrencies “has already happened four times in 2011, 2015, 2017” and that these are “corrections.” indicated that the news is very influential because “there is a very large informal issue” within the market.

In turn, he mentioned, among other causes, that “the mining farms are in China and China is proposing regulation”, in addition to the “weather” problem and the “carbon footprint” issue. Elon Musk put it on the mat,” he described.

Santiago Lliul, another expert in cryptocurrencies, said last week that “there was a rebound in bitcoin” because “the markets are managed with fear and euphoria”. There are bears and bulls, some believe that the market is going to fall and others to rise, the analyst differentiated so that there are those who project that Bitcoin will continue to fall and others that it hit the bottom.

Rob Funner
Rob Funner is a The Advertiser Mirror correspondent who covers politics, business, money, lifestyle, entertainment, technologies and worldwide news. Rob is a talented young man who works in journalism and as a filmmaker.

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