May 28, 2022

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Bitcoin Rising After Market Turmoil - E24

Bitcoin Rising After Market Turmoil – E24

Several other cryptocurrencies also fell on Saturday. This is happening at the same time that the Coronavirus is creating uncertainty in the markets.

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Bitcoin price was as low as around $42,875 at dawn.

From last night’s peak, bitcoin is down more than 20 percent, before the decline slowed somewhat.

This is how a handful of well-known cryptocurrencies moved at 08.20 on Saturday morning:

  • One bitcoin is trading at around $46,785. There is an 18 percent drop in the last 24 hours. The price now corresponds to NOK 426,587.
  • Meanwhile, Ethereum fell about 15 percent to around $3,870.
  • Binance Coin is trading at $533.67, down around 14 percent.
  • XRP, the cryptocurrency for the Ripple system, is down 23 percent to around $0.73

On your toes

Some bitcoin traders with a lot of debt were hit hard by Saturday’s crash, according to Vijay May, head of Asia Pacific operations at Luno crypto exchange in Singapore. About $2.4 billion in cryptocurrency exposure has been “liquidated,” that is, exceeded, according to Coinglass.com.

“Markets have been on alert with all the uncertainty surrounding the micron, with more cases of infection in many countries now,” says Ayar. Bloomberg.

The development of the cryptocurrency market today comes after technology shares fell sharply on Wall Street on Friday. The heavy-tech Nasdaq Composite Index fell 1.92 percent.

The uncertainty associated with the omicron is high. If you add that to the disappointing job numbers, you get investors wanting to dump stocks before the weekend, chief strategist Ryan Detrick at LPL Financial said to CNBC.

A labor market report from the US on Friday showed that 210,000 new jobs were created in the country. In advance, 546,000 new jobs were expected.

El Salvador: I bought after the fall

El Salvador’s president, Neb Bukele, posted on Twitter that the country bought in after the fall of Bitcoin.

“150 coins at an average price of $48,670,” Bukele wrote.

That is, the purchase was worth $7.3 million, equivalent to 67 million kroner.

Bukele also plans to build “Bitcoin City,” a tax-free crypto city that will be built using government Bitcoin loans. It previously made El Salvador the first country in the world to accept Bitcoin as a payment method.

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