What are the five weirdest cryptocurrencies
The recurring decline in the price of Bitcoin
On Thursday, the recent soaring of the cryptocurrency Bitcoin was stopped for the time being by profit withdrawals. The price slipped on the Bitstamp trading platform at times to around $ 11,000. By midweek, the digital currency was worth over $ 2,000 more. It repeats itself like in an endless loop. After the pump comes the dump, and the price of Bitcoin and various other crypto assets rattles down.
According to market observers, investors have silvered recent price gains in Bitcoin. Some observers also referred to statements by the US Federal Reserve Chairman Jerome Powell on Wednesday, who had spoken very critical of the planned Facebook digital currency Libra in front of representatives of the US House of Representatives. Investors were looking forward to the hearing, but hoped for more positive words from Powell. Part of the recent Bitcoin rally is also attributed to the media hype surrounding the Facebook currency, which could generally pave the way for wider acceptance of cryptocurrencies.
Since the beginning of July, a price rally had pushed the price of Bitcoin up by more than 30 percent. With Bitcoin, there are always extreme price movements. It is urgently warned against the highly speculative character when buying digital currency.
All in all, this means: After a price jump beyond $ 12,000, the correction is not long in coming. Since the beginning of the year, the value of Bitcoin has roughly tripled. At the lowest point, a Bitcoin was even worth less than $ 2,000. Nonetheless, the price is still well below the record high that was reached at just under $ 20,000 at the end of 2017. The crypto currency is generated on the computer using complex mathematical processes and is not subject to the control of central banks. Their possible amount is limited. The more bitcoins that are created on the computer, the more complex the mining process becomes. (red, APA, July 12, 2019)
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