“We are witnessing a large sell-off in global markets, in general all risky assets are weakening,” said Annabelle Huang of Amber Group, which provides financial services for cryptocurrency markets.
She emphasized that cryptocurrencies, led by bitcoin, are considered a very risky asset. “The weakening of bitcoin has sent down the entire cryptocurrency market,” she added.
There are exceptions
The most significant is the decrease in bitcoin, at least in terms of absolute value. However, a number of cryptocurrencies have weakened by more than 10 percent. Exceptions, which, on the other hand, slightly strengthened, would be counted on the fingers of one hand – for example, tether, dash or dai.
So far, the absolute record for bitcoin was set in April at $ 64,829 (1,411,260 crowns). However, due to some decisions of the American businessman and visionary Elon Musk and subsequently also due to the pressure of Chinese miners, the course began to fall dramatically.
On Tuesday, one coin was traded for $ 29,530, which corresponds to 643,050 crowns. After the June slump, this is the second worst result this year.
It should be noted, however, that the aforementioned 30,000 mark was exceeded only at the turn of last year and this year, previously the most famous cryptocurrency in the world had an even lower value.
Development of bitcoin value