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- Crypto’s recent downtrends have given rise to skepticism regarding the future of the digital assets market.
- Bitcoin’s price volatility also impacts other entities, for instance, Coinbase Digital, Silvergate Capital, etc.
- Bitcoin is currently trading at $30,000 and is down by around 4% in the last twenty-four hours.
The overall cryptocurrency market has witnessed a lot of bearish trends lately. And the market is in constant fear regarding the future of the economy.
And the price of the crowned cryptocurrency Bitcoin (BTC) recently fell down by around 5%. At the same time, the shares of Coinbase Global, a significant crypto exchange. Coinbase Global traded lower by over 12 %, whereas Silvergate Capital traded low by roughly 10%.
Apparently, Bitcoin’s price fluctuation impacts the coin stock price of Coinbase and Silvergate too, mostly because both the entities function in the crypto sphere and are always expected to have some correlation with the flagship crypto’s price.
Furthermore, when the CEO of JP Morgan Chase, Jamie Dimon, highlighted that they are bracing themselves and that the hurricane is right there, down the road, and coming their way. As he warned of possible tough times that are to come. And investors got a bit impacted by this.
Dimon also highlighted his concerns about the declining number of public companies and that we are driving the public companies out of the market.
It is indeed true that the crypto market has wobbled off late. And the recent crash of the Terra ecosystem with its algorithmic stablecoin TerraUSD (UST) lost its peg, and the sister token LUNA slumped to zero, came as a shock to the community. And it has also impacted the overall crypto space somehow.
But then, the uncertainty and price volatility of the crypto industry is not new as an issue. The whole discussion that critics have about the digital asset market is because of this factor, among several others. And given the recent past trends, it should not be very shocking if the market further plunges.
A few analysts even predicted that the price of Bitcoin (BTC) would even fall as much as $14k.
At the time of writing, Bitcoin is trading at $30,000 with a market cap of $571,706,917,057 and is down by around 4% in the last twenty-four hours.
ALSO READ: Zcash Price Analysis: ZEC in a Make-or-Break Situation, Will it Hold or Fall on the Face?
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
