How long does the Bitcoin bloodbath last?
According to the Iran Economist and quoted by Crypto, the main culprit of this turmoil is the global macroeconomy. Governments around the world have been hit by inflation unprecedented in 40 years, and central banks are taking steps to raise interest rates and reduce their balance sheets. Unfortunately, this means eliminating the cheap punch bowl that has led to rising stock and property prices over the decades.
The result has been a loss of stock and value for digital currencies (bitcoin is more closely linked to Nasdaq than in the past) and fear among investors. Meanwhile, other global events, from the war in Ukraine to the new Quaid quarantines in China, are fueling more sales and increasing uneasiness.
Many digital currency enthusiasts, especially bitcoins, like to believe that when the financial world goes to hell, blockchains offer an alternative financial reality, but obviously not yet. Crypto is as susceptible to macroeconomic shocks as anything else.
Meanwhile, the crypto industry itself has become a bubble awaiting emergence, but the current massacre we are witnessing should be cause for optimism.
“Since the birth of Bitcoin, the crypto industry has seen a dramatic boom, followed by painful downturns,” said the analyst. If history repeats itself and I bet it repeats itself, the impending recession will act as a healthy cleansing and relaunch of the industry.
This is what happened in 2013, when the price of Bitcoin hit $ 1,200 and then fell. It took years to get back to that level, but in the meantime, something significant happened; Dedicated groups worked and a series of innovations were created that revolutionized the industry. By the time the next boom hit in 2016, cryptocurrencies had evolved from bitcoins and a handful of altcoins like Lightcoin and Ripple to smart contracts, tool tokens and multi-chain futures.
A similar thing happened after the fall in 2018. By the time Crypto went viral in 2021, the technology had changed dramatically. An array of stylish NFT platforms overshadowed cryptocurrencies that had not flourished in the past, the Daewoo really started, and the whole industry became much more complex.
This is going to happen again. As in the past, nostalgia and annoyance move to other brilliant things, while true crypto-believers remain to pave the way for the next age of Web3.
It’s hard to predict exactly what the next era will be like, but the good news is that cryptocurrencies will have astounding low costs, easy-to-use Layer 2 options, and the era of NFTs at the core of the music and entertainment industries. A fun future is envisioned as long as you can afford another winter of cryptography.
The total global market value of digital currencies is currently estimated at $ 1.57 trillion, down 2.01% from the previous day.
Bitcoin currently holds 41.35% of the total digital currency market, down 0.29% in one day.
The total volume of the digital currency market in the last 24 hours is 102.36 billion dollars, which has increased by 30.81%. The total volume of decentralized finance is currently $ 11.94 billion, which is 11.66% of the total 24-hour volume of the digital currency market. The volume of all stable coins is now $ 96.34 billion, which is 94.12% of the total 24-hour volume of the digital currency market.
Digital currency price update (until 6:15 am Eastern time)
This category contains the price changes of 10 major digital currencies in terms of market value.
1- Bitcoin
Price: 34 thousand 132.98
Price changes in the last 24 hours: 2.89% decrease
Recent week price changes: 11.63% decrease
2- Atrium
Price: $ 2,514.72
Price changes in the last 24 hours: 3.92% decrease
Recent week price changes: 11.48% decrease
3- Bainance Quinn
Price: $ 357.32
Price changes in the last 24 hours: 1.80% reduction
Recent week price changes: 8.26% decrease
۴- تتر
Price: 0.9999
Price changes in the last 24 hours: 0.01% increase
Recent week price changes: 0.03% decrease
5- Solana
Price: $ 76.28
Price changes in the last 24 hours: 2.51% decrease
Recent week price changes: 15.20% reduction
6- Cardano
Price: $ 0.747
Price changes in the last 24 hours: 0.67% decrease
Recent week price changes: 5.78% decrease
7- Ripple
Price: $ 0.5735
Price changes in the last 24 hours: 1.03% decrease
Price changes in the last week decreased by 6.89%
8- Polka Dutt
Price: $ 13.32
Price changes in the last 24 hours: 1.79% decrease
Recent week price changes: 13.84% decrease
9 – USQ Quinn
Price: $ 1.00
Price changes in the last 24 hours: 0.03% increase
Recent week price changes: 0.04% decrease
10- Dodge Quinn
Price: $ 0.1246
Price changes in the last 24 hours: 1.52% decrease
Recent week price changes: 6.02% decrease