2023-08-18 12:37:02
The digital currency Bitcoin continues to suffer from the prospect of higher interest rates on the bond markets in the longer term. There was also a report on Friday about a sale of Bitcoin holdings by US billionaire Elon Musk’s company SpaceX. Bitcoin price continued its previous day’s slide, falling to around $26,000 on Friday, its lowest level in two months.
The night before, it had temporarily fallen by more than ten percent and cost $25,672, the lowest it has been since June. Other cryptocurrencies were also down. Bitcoin rival Ethereum fell 1.6 percent to $1690. The smaller Ripple slipped eleven percent to $ 0.51.
SpaceX has sold its entire holdings of $373 million worth of bitcoin, The Wall Street Journal reported Thursday night, citing available documents: “The question inevitably arises as to whether he knows more than other market participants. But even if this is not the case, a chain reaction often takes place in this situation, with many investors following the decision,” said Jürgen Molnar, strategist at broker RoboMarkets. The one-off sell-off can quickly turn into a longer-term downward trend.
At the same time, the guesswork about the future monetary policy of the US Federal Reserve added to cyber currencies, said Timo Emden from the analysis company Emden Research: “There is and remains the concern that interest rates in the United States could remain high longer than previously priced in , which is increasingly at the expense of interest-free risk asset classes.” However, the currently low trading volume is also responsible for sudden price movements. If a larger amount is thrown onto the market, this can trigger a domino effect and trigger further sales. “Unconventional price movements are then quickly possible,” said the expert.
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