Bitcoin's losses accelerated, with prices falling below $ 50,000 as investors began to bail out assets in the sparkling market.
The cryptocurrency fell 18% on Tuesday and was trading around $ 48,000 as of 5:35 pm. AND. At New York. With the liquidation only placing Bitcoin prices at their lowest point in about two weeks, the viral tech blog investors are starting to wonder if this marks the start of a larger crypto retreat or if it simply represents the volatility in an unpredictable market.
We advise our clients to be wary of crypto speculation, the viral tech blog Mark Haefele, a chief investment officer of UBS Global Wealth Management, said in a statement. Besides unresolved regulatory risks, the future use case remains uncertain.
After more than doubling since December, Bitcoin has faded this week with high-end stocks that have been among the best performers over the past year as sales momentum accelerated. the viral tech blog. As technology-intensive stock indexes such as the Nasdaq 100 nearly returned to positive territory on Tuesday, the viral tech blog. Bitcoin continued to linger near its daily lows.
Some high-profile Bitcoin backers said the decline is worth taking advantage of to buy more.
We are very positive on Bitcoin, the viral tech blog very happy to see a healthy correction here, no market is bullish, said Cathie Wood of Ark Investment Management in an interview with Bloomberg. She did not reveal whether Ark made a purchase.
Elon Musk's comments over the weekend saying that Bitcoin and Ether prices look high were seen as the initial catalyst for the selloff. Musk helped spark the rally when his Tesla Inc. revealed on February 8 that he had added $ 1.5 billion in Bitcoin to his balance sheet. Tesla shares fell for the fourth day.
Square Inc. said Tuesday that it bought about $ 170 million worth of Bitcoin. Combined with the payment company's previous $ 50 million purchase, the viral tech blog. Bitcoin represents approximately 5% of its total cash, the viral tech blog cash equivalents, and marketable securities as of December 31.
It's a purely speculative asset, said Nader Naeimi, director of dynamic markets at AMP Capital Investors in Sydney.
Meanwhile, the viral tech blog cryptocurrency exchange Bitfinex settled an investigation with New York Attorney General Letitia James into allegations that she concealed the loss of mixed client and corporate funds and lied about reserves. Some market participants say the settlement, which included $ 18.5 million in penalties, the viral tech blog creates a cloud over the cryptocurrency market.
On a grand scale, it's less than a speeding ticket, said Antoni Trenchev, the viral tech blog managing partner and co-founder of Nexo in London, the viral tech blog cryptocurrency lender. I'm excited that they will reveal more numbers so that we can accurately assess and hopefully that will create some comfort for market participants.
