What is going on with crypto
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"What this episode, this crash in crypto prices, shows is that cryptocurrencies are by and large speculative financial assets that are subject to macroeconomic forces, such as changes in interest rates," says Eswar Prasad, an economics professor at Cornell University. Why are cryptos going up today Speaking about the top tokens, he said, “Bitcoin, the world’s oldest cryptocurrency is struggling to stay above the $30,000 mark due to the selling pressure. Ether also slipped below the $1,800 mark and is down by almost 2.5 per cent. Solana and DOT traded in green and saw a jump of close to 2 per cent.”
Why crypto market is going down today
Rising bond yields have made these stocks look overpriced relative to less-risky corners of the market, such as utilities, household goods makers and health care firms. These are often called “value” stocks to distinguish them from stocks of high-growth companies. Bitcoin Supply and Demand The falling cryptocurrency prices have dampened the celebration mood of retail crypto investors. But the downward price movement in crypto markets is nothing new, hence not surprising for hardcore crypto enthusiasts.
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Is China’s move to ban crypto a harbinger of things to come? Maybe. India had been mulling the idea of banning cryptocurrency, while the Russian central bank has also voiced opposition to it, too. But other countries, including the United States, are exploring how to regulate cryptocurrency instead of prohibiting it outright. A couple countries, namely El Salvador and the Central African Republic, have even made it legal tender. Get the Newsletter In the near future, another crypto market bankruptcy case could be imminent. The lending business of Genesis Global Trading ceased new loans and redemptions following the FTX collapse. Consequently, the crypto market smelled difficulty in the platform’s liquidity position.