Monday, July 22, 2024

Bitcoin Shows No Sign of Uptick as the Global Crypto Market Slumps Further

Numerous global factors lead to the dip in the prices of cryptocurrencies on Wednesday. The collective momentum was behind the slump that we all witnessed on Wednesday. As per the various factors that are pulling the ropes down for every single cryptocurrency listed on exchanges, let’s discuss them in this article.

We all know that the COVID-19 virus has gained some strength back driven by the Omicron variant this time. This has led to some speculations regarding the sustainability of the businesses associated with cryptocurrencies and blockchain. In addition to this, the Federal Reserve is the key player in disturbing the score for Bitcoin and other cryptocurrencies.

At the time of writing this article, the leading cryptocurrency is changing hands at $41,907, which is approximately 1.09% down considering the average trading price for the day. It even touched the level of $41.201, marking a slip of roughly 2.8%. The flagship cryptocurrency has lost over $1,192 in a matter of a week, marking a loss of 2.77%.

Nassim Taleb Compared Bitcoin to a Contagious Disease

Focusing eyes on the market capitalization of the largest cryptocurrency, it fell below $800 billion and as far as the 24-hour trade volume is concerned, it remained somewhat stable around $900 million.

Discussing further, Nassim Taleb, the author of ‘Black Swan,’ recently released a statement that mentioned Bitcoin is worthless and called the leading cryptocurrency nothing, but a speculative bubble. Criticizing ahead, Nassim Nicholas Taleb carried out a comparison between the world’s largest asset with an infectious disease. Clearly, this was going to lay an impact on the price of the coin.

Well, it would be hard to say where the crypto market is headed as there is way too much fear in the market that is leading to the bloodbath. Stay connected with Cryptured for the latest updates and developments in the crypto market.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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