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Bitcoin plummeted below the $24K mark, and the rally for Ether faded away

On Friday, BTCUSD closed below the $24,000 level, and the week ended on a bad note for the world’s most demanded cryptocurrency. As data from the US came about the cooling down of inflation rates, BTCUSD experienced an upside rally throughout the week but couldn’t sustain it, and within 24 hours, Bitcoin’s value dropped by more than 3.7% to the $23,734 mark.

The second most demanded cryptocurrency, Ethereum, tanked by 2.78% to touch the 1,721 mark before the market closed last week. Despite the bad performance of Ether in the last week, the cryptocurrency has performed well in mid-June and July by gaining 102% and 36%, respectively.

Also, some of the popular altcoins that were in tandem with BTCUSD witnessed a downfall last week. Even the meme-coin Shiba Inu experienced a dig in its value, as the coin’s price dropped by 2.77% to the value of $0.000012. Despite all the cynicism and criticism against Dogecoin, the most popular memecoin increased by 0.44% to be valued at $0.070763.

Bitcoin Fear and Greed Index is 42 – Neutral
Current price: $23,882 pic.twitter.com/MfI6HnJAwc

— Bitcoin Fear and Greed Index (@BitcoinFear) August 12, 2022

Meanwhile, the US SEC is taking care of the hedge funds to protect the financial system

As the inflation has settled down and the Federal Reserve is at ease, the regulators plan to launch new efforts, ensuring that the private investors or other hedge funds aren’t planting any bombs which would again cause any harm to the US economy.

On Wednesday, the US Securities and Exchange Commission introduced some amendments to confidential report forms for the agencies and private funds to identify the risks and loopholes that would affect the country’s financial system. 

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