The world’s oldest cryptocurrency, Bitcoin, continued to fall as large investors sold their positions. The crypto asset posted a 24-hour high and low of $ 32,939.54 and $ 30,875.63, respectively. According to data available on the WazirX crypto exchange, the price rose 0.52% to $ 31,768 around 12:45 p.m. EST on Wednesday.
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“Bitcoin prices are down 4% after hitting $ 35,000 on Monday. The price of the most popular cryptocurrency fell to $ 30,875 and then rebounded to over $ 32,000. Experts claim that many owners and whales have sold their positions. DeFi, on the other hand, is making some noise as the amount of Bitcoin locked into DeFi is the highest of the month. Almost 42,604 bitcoins are blocked in DeFi. On the institutional side, Marathon, a crypto mining company, has invested $ 150 million in Bitcoin and aims to be the biggest miner in the world, “said Ashish Singhal, CEO and co-founder of CoinSwitch Kuber, investment platform for cryptocurrency.
DeFi or decentralized financing is an experimental form of financing that does not rely on central financial intermediaries.
The second largest cryptocurrency by market cap, Ethereum, traded only marginally in the green at $ 1,310.09. However, other important cryptocurrencies such as Stern, Ripple and Tether were listed in the red.
Cryptocurrencies have come under pressure recently despite the interest of big financial institutions like BlackRock and Goldman Sachs.
In a recent survey conducted by the major financial services company Deutsche Bank, respondents indicated that Bitcoin is in the “extreme bubble” zone.
The survey was carried out from January 13th to 15th among 627 professionals in the world market. Market professionals were asked to identify areas of bubbles in world markets on a scale from 0 to 10, with 10 meaning “extreme bubble”.
Bitcoin hit 8.7, while US technology stocks took second place with a 7.9, followed by 6.2 for European government bonds.
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