KANALCOIN NEWS – The movement of cryptocurrencies is still in the spotlight. This is because last Thursday (7/5/2021) Coinbase shares fell to their lowest. One of the triggers was that Wall Street investors almost ran away from stocks.
Meanwhile, the record cryptocurrency market valuation stands at over $2.4 trillion. Noted, Coinbase shares are only worth $ 255.15. Where, he is in a point of danger because his position is getting lower.
The movement of cryptocurrencies is still in the spotlight. This is because last Thursday (7/5/2021) Coinbase shares fell to their lowest. One of the triggers was that Wall Street investors almost ran away from stocks.
Therefore, currently the company has a market capitalization of a total of $48.7 billion. It is estimated that this value is half of the $ 100 billion that reached its highest peak last month.
Mike Bailey, research director at FBB Capital Partners, said the buying and selling of bitcoin was largely driven by the formation of “mini-bubbles” which are currently in the process of bursting.
As Kanalcoin.com reports from Cointelegraph, they saw mini bubbles from SPACs, IPOs, cryptocurrencies, and technological developments from late 2020 to early 2021.
“Many of these asset holders are ‘drunk.’ However, cryptocurrencies have had a bad hangover,” said Bailey.
In fact, he also believes that the position of cryptocurrencies is in the wrong place. This is because this year’s performance is relatively worse than other assets. Bailey continued, since January 1, the cryptocurrency market has more than tripled.
According to him, the surge was driven by Bitcoin (BTC), Ethereum (ETH), Altcoins and other cryptocurrencies that were able to set new records.
However, cryptocurrencies are not without extreme price volatility. Moreover, on April 17–23 the stock market has lost hundreds of billions of dollars due to the slumping value of bitcoin.
At that time, the bitcoin value fell to as low as $ 47 thousand. However, the rapid recovery saw bitcoin return to its high of $50K and ended at $57K as of this writing.
In recent days, the buying and selling of bitcoin mirrored a similar decline in the Nasdaq Composite Index. Where, the company operates three stock exchanges in the United States: Nasdaq stock exchange, Philadelphia stock exchange, and Stock Exchanges.
At least, Wall Street’s benchmark index has recorded consecutive declines for seven days in the last eight trading sessions. After closing at a record high, namely $ 14,138.78 on April 26, the Nasdaq Composite seems to have fallen more than 4%.