What is swinging the value of bitcoin these days

What is swinging the value of bitcoin these days

Decreasing value after the records in April, caused by the announcements of tight regulations and uncertainties about the economic recovery. But Musk reopens to cryptocurrencies

photo: Pixabay The glories of April have already passed for bitcoin, which from a record market capitalization of 1.2 trillion dollars has dropped by 50% in three months, with a thud that another day it brought it back below 30 thousand dollars of quotation. The most famous cryptocurrency in the world has then recovered, sailing around 32 thousand dollars, but the fact remains that on Tuesday the entire sector had burned about 90 billion dollars in the space of 24 hours. This follows the worst day since October for the Dow Jones, which had lost 700 points due to concerns over the economic recovery in relation to fears of the return of Covid-19 cases due to the delta variant.

A bad day for all risk assets, but it was a combination of factors that unleashed the bear on the big “B”. US Treasury Secretary Janet Yellen urged the United States to act swiftly on a regulatory framework on stablecoins, during a meeting with the Federal Reserve, SEC (the regulator of the US stock exchange) and the CFCT, l government agency responsible for regulating the futures market.

The issue is already on the agenda for the Federal Reserve, which will present a white paper on the digital dollar in September. The European Commission's legislative proposal on transaction traceability may also have had an impact. It should also be remembered the Binance case, the largest exchange platform in the world, which was partially or completely blocked in several countries such as the United Kingdom and Italy, while in Japan, Canada and Thailand the supervisory authorities have raised warnings and concerns. .

The backlash of cryptocurrencies between Wednesday and Thursday, with bitcoin and ether back "in green" and above 32 thousand and 2 thousand dollars respectively, was favored by the utterances of Elon Musk, during the conference "B Word ". The South African entrepreneur said he personally owns bitcoin, ether and dogecoin, adding that SpaceX holds bitcoin on its balance sheet and that Tesla could return to accepting cryptocurrency for payments if and when it becomes clear that the use of renewable energy for mining. will be over 50% and set to increase.

Despite the downward trend that began three months ago, when it reached an all-time high of $ 64,000, bitcoin is still worth 10.12% more than it started with of the year. Twelve months ago it was trading at around $ 9,600 (CoinDesk data). Since then the dominance of the market has changed: bitcoin was worth almost 61% against 11.5% of ethereum, proportions changed to 46-17% today (CoinMarketCap data).

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