Cryptocurrencies such as bitcoin are always subject to strong price fluctuations. Now, after weeks of stabilization, the largest cryptocurrency has gone downhill again.
Cryptocurrencies have continued their multi-day downtrend following a warning from the US Federal Reserve. The oldest and largest cryptocurrency by market value, Bitcoin, fell 1.2 percent in the afternoon to $23,746. At the start of the week, the Bitcoin price rose briefly above the $25,000 mark for the first time since mid-June.
The previous evening, the Fed had warned financial firms about the risks associated with crypto assets. The currency watchdogs named dangers for consumer protection and financial market stability. Banks should therefore check carefully whether their crypto transactions are legal and inform the supervisors of their plans in advance. Initially, this did not have a direct impact on crypto prices.
Like other cryptocurrencies, Bitcoin started an unprecedented rally almost two years ago. At the beginning of September 2020, it cost a good 10,000 dollars, before the value increased about sixfold in half a year. Bitcoin hit a record high above $69,000 last November before slipping below $17,000 by mid-June.
Source: Stern
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
