Bitcoin is currently trading below 48,000 euros. It has fallen by more than 10% today alone. It is the worst day for cryptocurrencies since the FTX debacle. Because if Bitcoin has fallen, others like Ethereum are suffering even more, with drops of more than 20%. It is being a black Monday for cryptocurrencies. And the most worrying thing is that it seems to be only the tip of the iceberg of what is happening with the economy on a global scale.
Cryptocurrencies are quickly becoming contagious. This time, there has not been a specific event related to the crypto world that has sunk the value of Bitcoin. The doubts after the halving and significant movements such as the one in Germany are there, but the general explanation given by analysts is that Bitcoin has been infected by the global situation.
Due to the volatility of cryptocurrencies, day-to-day variations are much greater. While the Nasqad is falling 3%Bitcoin does three times as much.
From Japan to Warren Buffet. Unexpectedly, investor Warren Buffet has sold half of his stake in Apple, due to fears of the downfall of the big technology companies. This sale has caused Apple shares to fall by 10%.
On the other side of the world, the Asian economy is not doing well. China is failing to take off, and this is reflected in the oil price. Now, it is the Japanese Nikkei which has plummeted by 12.4%, its biggest drop since 1987.
The US unemployment data that rises to 4.3%above expectations, have been one of the triggers of this sudden but incipient panic in the markets.
Bitcoin ETFs are also falling. Even the acclaimed Bitcoin index funds (ETFs) have not been spared from this widespread panic. Despite being long-term investments, according to the report BloombergUS Bitcoin ETFs have also suffered the largest capital outflow since their launch. As we can see, there are doubts about the viability of these investments, which, unlike on other occasions, are not due to short-term factors, but rather doubts about the coming months and the medium-long term.
Image | Behnam Norouzi
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