- Bitcoin reached a high of roughly US$40,545 as investors hurried to place their bets on a gloomy trend. Crypto shorts were liquidated in excess of $950 million, the greatest amount since May of this year.
- BTC and other tokens are expected to fluctuate wildly this week. Meanwhile, investors are waiting for the next big wave to break the Bitcoin price out of its stale trading range of $30,000 to $40,000 seen in recent months.
- BTC’s rollercoaster ride is a part of that adjustment. Because of a slew of environmental and regulatory issues, the crypto industry has plummeted after reaching a record high of $65,000.
With a 3.3 percent loss in just 24 hours, the king of cryptocurrency is experiencing yet another crash. Bitcoin is currently trading at roughly $38,210, its lowest level since March of this year, when US President Joe Biden signed an executive order regulating cryptocurrency. The BTC price rose to $40,800 on Tuesday, but then fell for a short while. The main cause of the precipitous decline was Amazon’s retraction in response to widespread speculation that the retail behemoth would begin accepting Bitcoin payments. Ether was also driven down even farther.
Amazon Refutes Rumors That It Will Allow Bitcoin Transactions
When Amazon announced a crypto-related job opening, the price of bitcoin skyrocketed. However, an Amazon official disputed allegations that Bitcoin would be offered as a payment mechanism this year a few hours later. Bitcoin reached a high of roughly US$40,545 as investors hurried to place their bets on a gloomy trend. Crypto shorts were liquidated in excess of $950 million, the greatest amount since May of this year.
A multi-wave correction describes the volatility that Bitcoin and other cryptocurrencies have faced. It peaked in April and is likely to rise to a high of $45,000 before falling again. BTC’s rollercoaster ride is a part of that adjustment. Because of a slew of environmental and regulatory issues, the crypto industry has plummeted after reaching a record high of $65,000.
BTC and other tokens are expected to fluctuate wildly this week. Meanwhile, investors are waiting for the next big wave to break the Bitcoin price out of its stale trading range of $30,000 to $40,000 seen in recent months. Because the Federal Reserve is expected to publish its decision on Wednesday, the risk level is a little higher this week.
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What Is The Future of Bitcoin
Furthermore, news of an investigation into potential bank fraud by Tether management has left the crypto industry in limbo. Bitcoin investors have been concerned about inflation, the environment, politics, and the economy, particularly with the Federal Reserve. In comparison to 1981, the inflation rate that occurred in March this year was by far the worst.
Volatility in the stock and cryptocurrency markets has been influenced by a number of reasons. The present price range for Bitcoin is described as a middle ground, since its performance will influence how things play out in the coming days. Is it more likely to be bullish or bearish? People will be able to predict where BTC will go based on its performance in this range.
Source: https://www.thecoinrepublic.com/2022/04/29/bitcoin-falls-to-38k-following-amazons-decision-to-stop-accepting-bitcoin-as-payment/