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Bitcoin falls 36.7% from its historical highs and drags the rest of cryptos

Bitcoin falls 36.7% from its historical highs and drags the rest of cryptos

In the last week bitcoin loses 28.61%. The volume traded for bitcoin in the 24 hours prior to its current price has been 57.4 billion dollars, or 30.15% of the total volume for all cryptocurrencies.

Bitcoin accumulates five consecutive sessions of falls. The best-known cryptocurrency has lost everything it has gained since Tesla CEO Elon Musk announced on February 8 that he would accept bitcoin as a form of payment for Tesla and that he would use the company’s money to buy the digital asset.

The Tesla founder announced last week that he was backing down and his cars could no longer be bought with bitcoin. Over the weekend, bitcoin sank 15%, as Musk criticized the environmental impact that the cryptocurrency generates both in its mining and in its transactions.

Earlier this week, Musk clarified that the company “has not sold any bitcoin.” However, in the last presentation of Tesla results, it acknowledged that it sold 10% of the bitcoins it had with a capital gain of 101 million dollars at the end of March. The company announced in February a purchase of 1.5 billion dollars in bitcoins.

The carmaker revealed at the end of April that it has a total of $ 1,331 million in “digital assets”. Zack Kirkhorn, Tesla’s chief financial officer, indicated that bitcoin is a long-term bet for Tesla: “We believe in the value of bitcoin for the long term and we will hold bitcoin for the long term.”

The falls of these days also coincide with the statements made by the Chinese Government regarding cryptocurrencies that have been the last straw after the statements of the founder of Tesla. China has issued a statement warning financial entities operating in the country that do not conduct bitcoin-related business, according to CNBC.

The rest of cryptos fall sharply

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The fall of bitcoin is dragging the rest of cryptocurrencies: ethereum sinks 14% today, dogecoin yields around 13%, binance coin 15.9% and bitcoin cash 13.8%.

Vijay Ayyar, director of business development at cryptocurrency broker Luno, states that a 30% to 40% pullback is “normal” during Bitcoin bull markets, according to CNBC.

For his part, the CEO of Galaxy Investment Partners, Mike Novogratz, also points out to CNBC that he sees the $ 40,000 as a purchase level for the digital currency. The popular investor former head of hedge fund Fortress Investment Group expects “bitcoin to consolidate in a trading range of $ 40,000 to $ 55,000.”

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