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Bitcoin price surpasses $40,000 following cryptocurrency market crash

May 21, 2021
in Markets
147 11
Experts do not believe that the cryptocurrency crash heralds the end of the digital currency.

Experts do not believe that the cryptocurrency crash heralds the end of the digital currency.

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According to an expert, countries and institutions are hostile to crypto because it empowers people in ways they never had.

Bitcoin has taken a wild ride this week following a spectacular crash – but it has now recovered to levels above $US40,000 ($A51,000).

At one point, the price had fallen nearly 30% from the day’s early highs.

Bitcoin’s decline occurred amid a broader sell-off of cryptocurrencies, with the overall market losing roughly 20% of its value, or more than $425 billion, in 24 hours, according to coinmarketcap.com data.

However, Antony Portno, founder of Traders of Crypto, noted that while the recent mini-crash may have distracted investors, nearly all coins are still significantly more valuable than they were a year ago.

“Crypto is a new market; it is also unregulated and traded 24 hours a day. The market is influenced by speculation, margin trading, shorting, and manipulation by whales or collectives of people. All of these factors contribute to increased market volatility,” he explained.

‘Hatred directed at countries and institutions’

In comparison to the stock market, cryptocurrency has low liquidity, which means it takes less money to move the price, with daily movements of 10% to 20% not uncommon, Mr Portno added. Blockchain technology, which underpins cryptocurrency, “gives people power over banks, corporations, and governments, and is eliciting widespread skepticism and hostility from countries and institutions,” he claimed.

“While there are numerous meme coins and pointless copycat coins, there are some truly remarkable projects that have the potential to change the world and create a more sustainable, efficient, and just society,” he explained.

“With this in mind, I would anticipate a strong recovery for cryptocurrencies following this troubling mini-crash. Many people, however, will be hoping that this mini-crash results in a Wall Street-style crash for cryptocurrencies. They might be let down.”

Adam Morris, co-founder of Crypto Head, agreed that joke coins, such as shiba inu, were muddying the market. Shiba inu was created to compete with the parody currency dogecoin.

“Shiba inu will never reach $US1 ($A1.29) – achieving that level would require a market capitalization of $US394 trillion ($A507 trillion). Shiba inu coins have popped up much more frequently in recent months, and people are jumping in to earn massive returns on their investment,” he explained.

“Projects of this nature should be considered only in light of your risk tolerance. If you are investing for 100x returns, you must accept the possibility of losing your initial investment. If you don’t want to spend a lot of time monitoring these types of projects, it’s better to invest in longer-term cryptocurrencies with established histories and uses in the industry.”

Regulators in the United States are taking a closer look at cryptocurrency.
Regulators in the United States are taking a closer look at cryptocurrency.

US retaliation

Meanwhile, US regulators have announced that they will require larger cryptocurrency transfers to be reported to the Internal Revenue Service, while the Federal Reserve, the country’s central bank, has hinted at a closer examination of digital currencies.

Jerome Powell, chairman of the Federal Reserve, said he wants the central bank to play a “leading role” in the development of international standards, adding that cryptocurrency would not be a substitute for cash or other digital financial instruments, such as bank deposits.

Cryptocurrency risks

While the UK Financial Conduct Authority has warned that cryptocurrency investors should be prepared to lose all their money, scams are also on the rise.

Mr Morris offered advice on how to avoid scams and keep your money secure.

“People should always be suspicious of platforms that promise enormous returns. If something sounds too good to be true, it probably is. Never send money or cryptocurrency to a platform that you are unsure of. If you conduct some basic research, you should be able to determine the legitimacy of a business online,” he explained.

“Even if prominent figures such as Elon Musk appear to endorse the investment, do not take this endorsement at face value. Scammers are so successful because they use well-known and trusted names to fool people into believing they are making a sound investment when, in fact, these names have no connection to the investment.

Tags: BitcoinCrypto

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