“The events in China have frightened people, and threats to further cryptoregulation have emerged. There is a lot of uncertainty in the markets. But I see the continuing interest of large investors in bitcoin and other cryptocurrencies, “Novogratz said in a broadcast. CNBC with the fact that he perceives the fall of bitcoin mainly as a correction of the previous sharp growth during August.
However, according to co-founder of bitcoin loan intermediary Nexo Antoni Trencheva, the cryptocurrency must reach and stay around $ 46,000 so that its holders can rest and not be afraid of another significant fall in the near future.
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“The Evergrande case confirms that bitcoin is not immune to the sale of risky assets across traditional financial markets,” he added. Bloomberg Trenchev.
Some digital currency holders may also be nervous about the paper’s report Wall Street Journal, according to which the US authorities are preparing to take action against selected services that facilitate payment for ransomware (Malicious programs that block a computer system or encrypt its data and then ask the victim for a ransom to restore access – Editor’s note.).
Cryptocurrencies are not just bitcoin. Meet the second most important cryptoproject:
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Videoprofil Etherea • VIDEO Videohub
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In the case of SUEX OTC, registered in the Czech Republic, they have already done so and imposed sanctions on cryptobourses operating through branches in Russia. The system allowed illegal payments in cyber attacks of at least eight types of ransomware.
The dominant virtual currency withstands the current market shocks better than the rest of the crypto market. Recent hits of cardano or solana depreciated at least ten percentage points from the September highs compared to bitcoin.
Among other things, current events have revived the question of the extent to which bitcoin is a safe haven for times of market uncertainty. Although its correlation with major stock indices remains low to non-existent in the long run, this is not the case with massive global sales. This was well demonstrated by last year’s covid shock, reflecting investor panic over the pandemic overflow to the United States.
The Evergrande case may be similarly crucial under black scenarios. It is accompanied by concerns about the Chinese equivalent of the American bank Lehman Brothers, whose collapse in 2008 triggered the global financial crisis.
However, it is still unclear whether Evergrande will be able to pay interest on foreign bonds in the amount of $ 83.5 million, about 1.8 billion crowns, which are due on Thursday. The company is expected to pay another $ 47.5 million next Wednesday. It has thirty days to pay these liabilities after the due date.
Different degrees of correlation
Correlation expresses the strength of the relationship between two variables. It takes values from 0 to 1, where 1 means an absolute match between the variables and 0 means the absolute absence of any relationship.
- 0 to 0.3 – very weak to non-existent relationship between variables
- 0.3 to 0.7 – moderately strong relationship
- 0.7 and more – a very strong relationship
The same is true in the opposite guard with a minus sign, but where it is an indirect relationship.
The correlations −0.8 and 0.8 are therefore equally strong.
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