Additionally, the CEO of Stablecorp stated that the recent decline in Bitcoin is a part of its growth concerns. He said that the scalability and liquidity of the Bitcoin network pose challenges
Additionally, the CEO of Stablecorp stated that the recent decline in Bitcoin is a part of its growth concerns. He said that the scalability and liquidity of the Bitcoin network pose challenges.
Price:Bitcoin fell below $27000 for the second consecutive day. Investors are in a wait-and-see mode.
opinion:Even in this month's mildly optimistic employment and price data, Bitcoin is taking a breather.
Bitcoin has once again fallen below $27000
Bitcoin fell to the end of March level below $27000 for the second consecutive day, but remained safely within its several week range as investors shrugged off optimistic employment and price data, as well as the latest banking crisis, and continued to wait for a real price catalyst.
The largest cryptocurrency by market value has recently traded at around $27052, falling 1.8% in the past 24 hours. Throughout the spring, BTC's trading price remained between $25000 and $30000. Many analysts believe that without convincing reasons to push up or down, it will linger there.
Katie Talati, research director at blockchain asset management company Arca, told CoinDeskTV, "In the past few weeks, the response of prices to macro data has not been so significant.".
The recent trading price of Ethereum is approximately $1800, a decrease of approximately 1.9% compared to the same period on Wednesday. Although Ethereum Shanghai successfully upgraded at the beginning of April, completing the transition of blockchain from proof-of-work to more energy-efficient equity proof agreement, the cryptocurrency with the second largest market value has also basically maintained range fluctuations in recent weeks.
Less than a week after reaching a staggering market value of $1.8 billion, the meme craze inspired by Pepecoin began to fade. Crypto Intelligence CompanyNansenData shows that as of late Thursday morning (Eastern Time), the 'smart currency' wallet - the encrypted account of individual traders or institutions known for their profit making behavior - has reduced PEPE reserves by $3 million in the past 24 hours
Talati stated that the team behind PEPE "has done very well in token marketing and has made a lot of hype around it
But she added, "When there aren't so many things happening in this field, these tokens often suddenly appear and become notorious. They are usually the easiest to obtain. Many new entrants to cryptocurrencies like to trade them
Most of the other major cryptocurrencies are in a loss making state. CoinDesk measures the performance of the cryptocurrency marketMarket IndexDown 2.4%.
The stock market was mixed, with the Dow Jones Industrial Average (DJIA) and the Standard&Poor's 500 index slightly declining, but the Nasdaq index, which is dominated by technology stocks, rose by one percentage point. Bank stocks fell after PacWestBancorp, headquartered in Los Angeles, reported a loss of over 9% of deposits last week. But the latest issue with PacWest seems to be a hindsight for crypto investors.
Meanwhile, Arca's Talati is optimistic about DeFi. DeFi must have happened a lot, "she said. I emphasized the significant development of certain projects such as Curve and Aave in the past few weeks, both of which have launched or are currently launching their own stable coins
opinion
Bitcoin takes a break
Alex McDougall, CEO of Stablecorp, said in an interview with CoinDesk TV on Thursday that Bitcoin took a "breather" in May as investors pondered a wave of optimistic employment and price data.
Less than two weeks ago, the price of Bitcoin plummeted from a high of nearly $31000 and fell below $27000 on Wednesday, after the market was spooked by unfounded rumors that the US government would sell approximately $320 million of Bitcoin. The cryptocurrency with the largest market value has been hit in recent weeks, which is a convincing reason to move from a range that has lasted for several weeks.
We see some volatility in interest rates, "said McDougall, whose company offers blockchain driven financial products. The decoupling of technology stock narratives from risk is interesting. There have been so many competing narratives happening at the same time, and you can almost see the market flipping between narratives. Is this an apocalyptic hedge? Is this your risky asset? Is the banking industry dying
He added, "This looks like an opportunity to take a deep breath - many people take profits after staying underwater for a period of time, and this is an opportunity to accumulate
McDougall pointed out that the emoticon packet pool has caused Bitcoin network congestion, prompting exchange giant Binance to suspend withdrawals twice over the weekend, which has raised concerns about the blockchain's ability to handle the additional transaction volume generated by NFT like Ordinals. There are known challenges, and scalability has always been a part of that dilemma, "he said." When those people start looking up, it's easy to say, 'We're a bit exaggerated there. Let's calm down.'
He stated that liquidity remains another issue that the encryption industry must address. This is not a healthy market, but at least we have had this global liquidity connection before, "he said. You are starting to see this kind of rupture, global assets are unable to flow smoothly across borders, and the liquidity plug is starting to break a bit
But he is optimistic about the future of Tecoin. Many things are troubles of natural growth, "he said, adding," How can you not be optimistic? In the long run, adopting this technology is an easy task, but this path will not become straight
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