December 9, 2022
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Guide & Analysis

Bitcoin falls back strong and now fights in the $ 32,000 range

Downtrend continues to bring down the crypto market, with Bitcoin falling almost 30% in the last week

Bitcoin fell 11.33% to $ 33,250 at 16:00 GMT on Sunday, losing $ 4,248.98 from the previous close. The price continued to fall in the sequence, reaching below $ 32,000 for a short time.

BTC fell 48% compared to the year high of $ 64,895.22 on April 14.

ETH, the currency linked to the Ethereum blockchain network, fell 16.59% to $ 1,915.34 on Sunday, losing $ 380.97 at its previous close.

Bitcoin markets operate 24 hours a day, 7 days a week, setting the stage for price fluctuations at unpredictable times.

“Many point to Bitcoin’s volatility as unsustainable,” wrote Amy Wu Silverman of RBC Capital Markets in a research note published on Saturday.

“In fact, Bitcoin swings severely and dizzyingly.”

Bitcoin came under pressure after a series of tweets last week from billionaire Tesla CEO Elon Musk, most notably his reversal at Tesla to accept Bitcoin as payment.

In addition, on Friday, China cracked down on mining and trade in the largest cryptocurrency as part of ongoing efforts to prevent speculative and financial risks.

China’s Financial Stability and Development Committee, chaired by Vice Premier Liu He, highlighted Bitcoin as an asset that needs further regulation.

The statement, which came days after three Chinese industry bodies tightened the ban on banks and payment companies providing services related to cryptocurrencies, was a sharp escalation in the country’s effort to end speculation and fraud in virtual currencies.

China’s last campaign against crypto came after the U.S. Treasury Department on Thursday called for new rules that would require large cryptocurrency transfers to be reported to the Internal Revenue Service, and the Federal Reserve signaled the risks that cryptocurrencies represent for financial stability.

Source: Reuters

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