There has been a sharp decline in the price of cryptocurrensets. Their prices fell on various exchanges on Friday evening. The price of bitcoin, the most popular cryptocurrency, dropped by 8%. It has reached $ 31,900. As a result, other investments have also dropped by 7%. During the week they dropped by 30%.
Significant decline from week
There is a sharp decline in crypto currency prices for the week. There was a similar decrease last Friday. Today the price of Ethereum dropped by 6.83% to $ 1,830. The price of Binance Coin fell by 5.05%, the price of Cardano dropped by 5.49%, the price of Dogecoin dropped by 7.78% on Friday night. Similarly, the price of Polkadat decreased by 7.20%, the price of Uniswap decreased by 9% and the price of Lite Coin decreased by 4.85%.
The price has dropped by 9% per week
Speaking of the week, the price of bitcoin dropped by 9%. Ethereum dropped by 18% per week, while the price of Binance Coin registered a decrease of 15%. Similarly, Cardano price decreased by 11%, Doge Coin price by 15%, Polkadat price by 31%, Uniswap price by 22% and Lite Coin price by 20% per week. The price of bitcoin has reached $ 27 billion once this week. In April it was $ 65 billion, since then its price has dropped by half.
The price has dropped due to a Chinese regulator’s statement
In fact, the Chinese regulator has spoken out about research into bitcoin mining. This is the reason why the top 10 inflation rates are so low today. Bitcoin is the most popular digital currency. Cryptocurrency is big business in China. China accounts for half of global bitcoin production. China’s plan to strengthen cryptocurrency mines is now in full swing. A cryptocurrency mining project in the southern Chinese province of Sichuan has been ordered to close. It is the largest mining center in China.
Bitcoin is still expected to rise
However, even after this massive collapse, it is believed that by August, the price of bitcoin will reach $ 47 billion. The developer of the stock-to-flow price forecast models said even the worst will be seen with bitcoin in August when it sells for $ 47,000. In September things will turn out a bit slower and will cost $ 43000 a month to achieve the low target and reach $ 63000 in October when everything is at its highest. It will then accelerate further and reach 98,000 in November and 1.35 lakh by the end of the year.
The decline is due to a US regulator
The US regulator has been the main reason for the decline in cryptocurrency prices over the past week. The regulator has delayed the approval of bitcoin ETFs. This has exacerbated the feelings of crypto investors. The regulator of the US Regurities and Exchange Commission (SEC) said in a regulatory file that the ETF listing for bitcoin would be invited to the public for comment and a decision would be made. However, many times before this the regulator delayed his approval.
The total market value of the global crypto currency is 125 lakh rupees. In this case the market value of bitcoin alone is Rs 50.57 lakh crore. Speaking of India, there are 12-14 trade transactions. There are 1 to 1.20 investors in crypto currency in the country.