What Happened When Bitcoin Price Plummeted to $34,000 Around?
2022-05-09 17:04:20
What Is The Safest Way For Newbies To Buy Bitcoin?
While many investors were expecting Bitcoin to draw an upside surprise in May, its trend took a big turn. Bitcoin prices briefly rose to near $40,000 after the Federal Reserve raised interest rates by 0.5% on May 4th, and then began to fall. As countries began to gradually tighten their policies on cryptocurrencies, this also exacerbated the selling pressure from some investors.
According to international cryptocurrency exchange Gate.io, the Bitcoin price live is $33,556.49 at the time of writing and has fallen 12.9% in the last 7 days. The price fell 2.8% in the last 24 hours and the volume was $29,731,605,573. This is the first time since 2022 that Bitcoin has fallen below $33,500 compared to its peak in November 2021, it is down by more than 50%.
Despite the growing usage and acceptance of Bitcoin and other cryptocurrencies, overall trading conditions and the level of interest in crypto assets by institutional or single investors have declined due to the recent market correction. In addition to the price decline, Bitcoin investments have recently seen significant outflows of assets. In the week ending April 29, 2022, BTC investment products saw $133 million worth of outflows, the highest level since June 2021.
The current price trend of cryptocurrencies has been linked to the trend of financial markets in some countries, such as the United States. However, the U.S. financial market is also mostly down at the moment, with the S&P 500 index falling to $4,123.34.
Public confidence in current U.S. economic leaders has been deteriorating, according to a Gallop poll released on May 2. Confidence in President Joe Biden's management of the U.S. economy has fallen from 57 percent to 40 percent, and confidence in Federal Reserve Chairman Jerome Powell has fallen from 55 percent to 43 percent. The April 2022 Gallop poll was released amid the highest inflationary pressures the country has seen in decades, indicating that trust in economic leaders is at its lowest point since 2008.
Not only that, the Central African Republic, where a billion Bitcoins were previously legal tender, is currently in a less than ideal economic state. The official government of Argentina is considering a strict contraction of the cryptocurrency use policy.
Gate.io International Digital Currency Exchange is a trusted choice for investors. Not only does it offer 1300+ cryptocurrencies to invest in, but it also has ultra-low transaction fees to optimize investors' returns. Real-time cryptocurrency data information allows investors to be the first to know the latest news.
While many investors were expecting Bitcoin to draw an upside surprise in May, its trend took a big turn. Bitcoin prices briefly rose to near $40,000 after the Federal Reserve raised interest rates by 0.5% on May 4th, and then began to fall. As countries began to gradually tighten their policies on cryptocurrencies, this also exacerbated the selling pressure from some investors.
According to international cryptocurrency exchange Gate.io, the Bitcoin price live is $33,556.49 at the time of writing and has fallen 12.9% in the last 7 days. The price fell 2.8% in the last 24 hours and the volume was $29,731,605,573. This is the first time since 2022 that Bitcoin has fallen below $33,500 compared to its peak in November 2021, it is down by more than 50%.
Despite the growing usage and acceptance of Bitcoin and other cryptocurrencies, overall trading conditions and the level of interest in crypto assets by institutional or single investors have declined due to the recent market correction. In addition to the price decline, Bitcoin investments have recently seen significant outflows of assets. In the week ending April 29, 2022, BTC investment products saw $133 million worth of outflows, the highest level since June 2021.
Is the Future Bright for Bitcoin-Led Cryptocurrencies?
At the time of writing, the total market cap of cryptocurrencies is around $1.6 trillion, with BTC currently at $630 billion. The top 15 cryptocurrencies are all trending downwards at the moment. In addition to BTC, ETH, LUNA, and DOT are also trending lower.The current price trend of cryptocurrencies has been linked to the trend of financial markets in some countries, such as the United States. However, the U.S. financial market is also mostly down at the moment, with the S&P 500 index falling to $4,123.34.
Public confidence in current U.S. economic leaders has been deteriorating, according to a Gallop poll released on May 2. Confidence in President Joe Biden's management of the U.S. economy has fallen from 57 percent to 40 percent, and confidence in Federal Reserve Chairman Jerome Powell has fallen from 55 percent to 43 percent. The April 2022 Gallop poll was released amid the highest inflationary pressures the country has seen in decades, indicating that trust in economic leaders is at its lowest point since 2008.
Not only that, the Central African Republic, where a billion Bitcoins were previously legal tender, is currently in a less than ideal economic state. The official government of Argentina is considering a strict contraction of the cryptocurrency use policy.
What Is the Safest Way For Newbies To Buy Bitcoin?
It might be a good time to invest in the current ultra-low price of Bitcoin, as we all know that it is a good idea to buy low and sell high. However, the safest way to go about buying cryptocurrencies should be to choose a good exchange. It provides real-time information on cryptocurrency data, but it also allows for timely trading.Gate.io International Digital Currency Exchange is a trusted choice for investors. Not only does it offer 1300+ cryptocurrencies to invest in, but it also has ultra-low transaction fees to optimize investors' returns. Real-time cryptocurrency data information allows investors to be the first to know the latest news.
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