Blue Monday for Bitcoin | FinanceAffairs.com

Blue Monday for Bitcoin |  FinanceAffairs.com

Bitcoin's price fell more than 4% on Monday afternoon, reaching just a hair's breadth above $61,000. The main reason was that Mt. Gox's board of directors said that bitcoin and bitcoin cash stolen from customers in 2014 will be repaid starting in July, which will increase the supply of digital currencies in the market. mountain. Gox was at one time the largest Bitcoin exchange in the world, with a market share of more than 70 percent. However, the company went bankrupt after hackers seized assets worth a total of about $15 billion today.

Surveys show that investor attitudes towards Bitcoin have cooled a lot recently, with the hope of “quick money” gradually fading. Today's rate is below the March 2021 peak.

There are also signs of concern in the stock market. CNN's Fear and Greed Index now stands at 43, suggesting that “fear” best describes investor sentiment. At 5:30 p.m., the European Stoxx 600 index and the American Standard & Poor's 500 index rose by 0.8 and 0.4 percent, respectively.

One problem is that Nvidia's price has fallen in a way that until recently was not typical for the stock. Last week it weakened by 4 percent, and on top of that comes Monday's decline of 3.5 percent. Investors using technical analysis are already pressing the “sell” button, as various price patterns indicate that the semiconductor manufacturer's decline will continue. The stock has a weighting of 8.1 percent in the Nasdaq 100 and represents 6.8 percent of the S&P 500.

Otherwise, this will be an eventful week. The first round of new French elections takes place on Sunday, and opinion polls show that Marine Le Pen's National Rally party is still the most popular. On the political front, there will also be a debate between President Joe Biden and Donald Trump. The election is scheduled to take place on Thursday, and both candidates currently have about 41 percent support.

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Hanisi Anenih

Hanisi Anenih

"Web specialist. Lifelong zombie maven. Coffee ninja. Hipster-friendly analyst."

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