May 28, 2022

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Bitcoin Leads a Sharp Decline in the Crypto Market

Bitcoin Leads a Sharp Decline in the Crypto Market

On Saturday night, Bitcoin was trading around $48,200, which is equivalent to 440,300 Norwegian kroner.

The bitcoin exchange rate has fallen sharply in the past 24 hours, dropping to $42,296. In the past 24 hours, bitcoin has fallen about ten percent.

This is a drop of nearly 29 percent from the record level in early November when the price was $67,500.

Bitcoin is dragging other cryptocurrencies down. Ethereum, the second largest cryptocurrency, is down as much as 17.4% at worst. On Saturday night, Ethereum was down about five percent.

The total crypto market lost about a fifth of its value, dropping to $2.2 trillion, according to tracker CoinGecko.

OMICRON FRICT

falling wallpaper International markets turmoil over fears of a new viral boom from South Africa.

A number of sub-prime traders incurred significant losses on Saturday, Vijay May, who heads the Asia-Pacific operations of crypto exchange Luno in Singapore, told Bloomberg News.

Markets have been nervous with all the uncertainty surrounding Omicron, with infected people now appearing in many countries. It’s hard to say what that means for the economy and markets — and then uncertainty arises, he says.

before the epidemic Bitcoin has often been considered a safe haven in turbulent marketsBut it is in line with traditional investments in stocks and other asset classes during the major collapse of the Corona virus last year.

Bitcoin has followed the tech-heavy Nasdaq closely during the pandemic, but that link has been virtually non-existent in recent weeks, Bloomberg writes.

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Introducing Bitcoin as a Payment Method

Many sold with lower prices on Saturday, but the one who keeps buying – this is the president of El Salvador.

In a message late Friday night, local time, the country’s president, Najib Bukele, who calls himself the chief executive – or chief executive – of El Salvador, wrote that the country had bought bitcoin as prices fell.

The country has hoarded 150 bitcoins after the price fell below $50,000, ifølge cointelegraph.

With the latest purchases, the Bitcoin reserve in El Salvador is now 1,270 Bitcoins, which are worth about $60.3 million.

The people of the small Central American Republic are the only ones in the world who have introduced cryptocurrency bitcoin as a public means of payment.

In September, he announced on Twitter that the country’s National Assembly had approved what he calls the “Bitcoin Law,” and that cryptocurrency has thus become an ideal payment alternative in the country.

The country’s authorities have also launched the digital wallet “Chivo” – which in Salvadoran slang means “awesome,” according to CNBC. President Bukele also appears with the description of “the world’s coolest dictator” on social media.

The president has always realized that he wants to use geothermal energy – the volcanic heat of the earth – to mine bitcoin. (Terms)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using a link that leads directly to our pages. All or part of the Content may not be copied or otherwise used with written permission or as permitted by law. For additional terms look here.

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