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© Reuters Bitcoin recovers this Friday but leaves more than 24% in the week
(Updates EC5247 with the data after the closing of the stock markets in Europe)
Madrid, June 17 (.).- The , the best-known cryptocurrency in the market, rises after closing the stock markets in Europe by 0.06%, after ten consecutive days down and accumulated losses this week of 24%.
The experts explain that the collapse is due to the tightening of the monetary policies of the central banks, with the consequent fear of the markets of a recession; and the measures adopted by several companies in the sector in the face of fear of a “crypto winter” (a prolonged period of falling prices), which have generated distrust among users.
According to Bloomberg data consulted by Efe, bitcoin advanced more than 1.5% during the morning, but has moderated its rise after the downward opening of Wall Street and shortly before 7:00 p.m. it was exchanged at about 20,600 dollars, 0.06% more than the day before, after ten consecutive days down.
Despite the rise, it still falls more than 24% in the week and 35% so far in June.
Bitcoin’s biggest drop occurred on Monday, when it lost 15%, after it was learned that the cryptocurrency trading platform Celsius Network suspended all transactions between clients and vetoed the withdrawal of capital due to “extreme conditions” of the market.
The collapse was added to the decline of the previous Friday, when it fell more than 3%, after learning that US inflation rose to 8.6% in May, higher than expected.
The last downward episode began in May with the collapse of the “stablecoin” (stable cryptocurrency) terraUSD, linked to the cryptocurrency luna, and was accentuated by the US inflation data, which has led various companies in the sector to take measures to avoid losses.
Shortly after Celsius Network capped trading, Binance, the world’s most widely used platform for buying and selling cryptocurrencies, suspended all Bitcoin withdrawals due to a technical issue.
This measure, although it was momentary, contributed to consolidate the distrust of users that had already spread in the markets, XTB analyst Darío García explained a few days ago.
Additionally, some platforms such as Coinbase (NASDAQ:) and Gemini have announced headcount reductions.
Along these lines, the analyst at the Swiss private bank Julius Bear, Sipho Arntzen, considers that digital assets have benefited from the accommodative monetary policy of recent years, which resulted in low-cost liquidity that is easily accessible to investors.
For this reason, experts explain that, in these years of ultra-expansive monetary policies, digital assets and technology companies have been the ones that have benefited the most, but they warn that with the tightening of these policies they will be the most punished sectors.
In the year, bitcoin loses more than 56% and almost 70% from the historical maximums that it registered in November when it touched the 69,000 dollars.
In this period, the total capitalization of the cryptoactive market has lost more than 2 billion euros, up to about 850,000 million, according to the head of Bitpanda for Spain, Alejandro Zala.
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