They hit cryptocurrencies, bitcoin is approaching a critical level

The price of bitcoin is now down 3.4 percent and is already approaching the critical $ 30,000 level, which served as support several times earlier this year. If this were to be interrupted by the exchange rate, a very nasty fall could follow, but the cryptocurrency still holds for the time being.

Eternity is not spared by investors either, which went down 4.2 percent, rallied 146 percent this year.

The XRP exchange rate is also falling, which is down 5 percent, but has also risen about 150 percent since early January.

Eventually, the dogecoint was also hit by investors, which has fallen 5.4 percent since the morning, up 3,500 percent this year.

There is no specific event related to cryptocurrencies behind today’s falls, meaning they seem to coincide with the generally unfavorable market sentiment. This is partly due to the renewed deterioration of epidemiological statistics around the world, which are putting pressure on capital markets, as the pandemic could lead to new restrictions, which could delay the already slowing economic recovery.

And for now, investors appear to be getting rid of all risky assets, including stocks in cyclical sectors (whose performance is highly dependent on the epidemic), oil, but even gold, which traditionally serves as a haven. Thus, cryptocurrencies are no exception, and their volatility is quite high anyway.

If we look at things a little further away, however, it can already be said that there has been several unfavorable news lately that is driving down the exchange rate of cryptocurrencies, including Chinese action or investigations against Binance.

Cover image: STR / NurPhoto via Getty Images


Source: Portfolio.hu – Üzlet by www.portfolio.hu.

*The article has been translated based on the content of Portfolio.hu – Üzlet by www.portfolio.hu. If there is any problem regarding the content, copyright, please leave a report below the article. We will try to process as quickly as possible to protect the rights of the author. Thank you very much!

*We just want readers to access information more quickly and easily with other multilingual content, instead of information only available in a certain language.

*We always respect the copyright of the content of the author and always include the original link of the source article.If the author disagrees, just leave the report below the article, the article will be edited or deleted at the request of the author. Thanks very much! Best regards!