Hello everyone
I am a journalist and also a freelancer. Looking at the world economic situation today, it is clear that the bitcoin is increasingly playing an active role in the world economy.
The cryptocurrency market continued to witness high volatility over the weekend and led to sharp declines in prices of popular virtual coins.
Bitcoin, the world’s most popular cryptocurrency, according to reports Experts slumped sharply on Monday to touch a one-week low of $33,425. Ethereum (Ether) also suffered due to the high volatility and fell to a low of $2,262.
The demand and supply of bitcoin has been fluctuating in different periods and now that various countries have started their operations against bitcoin mining, the demand for bitcoin has increased rapidly. Is proving to be beneficial for people connected to bitcoin.
Though Bitcoin staged a recovery on Monday, it failed to hold on to the recovery momentum and is trading lower on last Sunday. The price of the most popular cryptocurrency was just above $34,000 at around 9:40 am, down nearly 1 per cent from its price 24 hours ago.
Ether has also lost momentum after it encountered losses during the weekend. At the moment, Ether’s price remains below $2,300, up less than 0.10% from its price a day ago.
It may be noted that Bitcoin was down 40 per cent so far this month and is on track for its biggest monthly fall since 2011. Similarly, Ether has lost 17 per cent this month after touching a record high of $4,380.
Meanwhile, the price of other smaller cryptocurrencies remain mixed — some like XRP (Ripple) and Cardano have rebounded, while Dogecoin, Stellar and Litecoin have failed.
It is also seen that after the big countries, now people from different small countries have also started participating in bitcoin trading and people seem to be busy trying to get rich by buying bitcoins from different sources.
The rise in volatility in the crypto market is a result of China’s crackdown on the digital coin and Tesla CEO Elon Musk’s comments about the environmental impact of Bitcoin mining.
Musk has softened his stance on the matter, but the Chinese crackdown seems to have rattled the crypto market as investors are worried about other governments going for similar measures.
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