Significant cooling in Bitcoin, Ether, Binance Coin and others

February 22nd, 2021, 7:44 pm

No time right now?

Note: We have used commission links in this article and marked them with “*”. If an order is placed via these links, t3n.de receives a commission.

What it is exactly is unclear. In any case, the major cryptocurrencies are seeing massive losses on Monday. Only Ripple generates growth.

The top 10 cryptocurrencies are mostly in the red on Monday. Some – like Elon Musk – should definitely like that. Musk had only complained last Saturday that Bitcoin and Ether were too expensive. Did his disciples take this as a sell-off signal?

US Treasury Secretary with urgent warning

Or is the US Treasury Secretary Janet Yellen to blame? It had also clearly positioned itself on Monday at the New York Times Dealbook conference and warned investors against investing in Bitcoin.

She sees Bitcoin as an extremely inefficient means of financial transactions, she let in conversation with CNBC announce. In addition, they fear that Bitcoin is used too often for illegal activities and the amount of energy required to maintain and expand the system is simply breathtaking. Yellen sees digital currencies as a way of the future, but wants to rely on the system of the US central bank, which is to be developed in the coming years.

Double-digit losses over (almost) the entire ranking

Regardless of the question of guilt, almost all cryptocurrencies have moved down. The Bitcoin fluctuates by a minus of 10 percent, the Ether even by 13 and the Binance Coin by 15 percent. These are clear devaluations, but in the top 3 they could only show a trend with a view to ether.

With Bitcoin, the decline only roughly neutralizes the upward movement of the last seven days. The Binance Coin doesn’t need to be nervous at all. After all, it had risen 90 percent in the past seven days.

The ether, on the other hand, has shown a downward movement of almost seven percent over the last seven days. Polkadot and Cardano also lost double digits. The tether cannot make a decision and oscillates around zero. Only the ripple increases by over ten percent.

Corrections open up opportunities for bulls to buy again

With the recent crash, Bitcoin is again well away from the expected 60k mark at around $ 52,800. Ether has also clearly moved away from the 2k mark again.

Experts see the course correction primarily as the realization of profit-taking in the uncertainty of further growth. Less hesitant investors should take the chance and buy more Bitcoin and other crypto currencies, so that a renewed increase should only be a matter of time.

Most read