• Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
Monday, March 27, 2023
  • Login
  • Register
Coin24h.com
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
Coin24h.com
No Result
View All Result
Ledger Nano X - The secure hardware wallet
ADVERTISEMENT

Bitcoin Losses Near $200 Billion As JPMorgan Warns It’s The ‘Least Reliable’ Dollar Hedge

21 January 2021
in XRP
Reading Time: 3 mins read
A A
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter
cryptotrader
ADVERTISEMENT


Topline

The price of bitcoin is tanking nearly 10% Thursday, tacking on to massive losses as bearish calls from regulators and analysts heighten after a huge surge fueled by still-booming institutional adoption.

The world’s largest cryptocurrency is down nearly 10% over the past 24 hours.

Getty Images

Key Facts

As of 12 p.m. EST, bitcoin’s 24-hour plunge has pushed prices down to their lowest levels in more than two weeks, wiping out roughly $180 billion in market value since a record high on January 8, according to crypto data firm CoinMarketCap.

Most other top tokens are also plunging, with ether, XRP and Cardano down 7%, 3.5% and 3%, respectively.

The sustained losses come as bitcoin’s rising mainstream adoption “raises correlations with cyclical assets, potentially converting cryptocurrencies from insurance to leverage,” JPMorgan analysts said in a note to clients reported by Bloomberg Thursday. 

The analysts went on to say that bitcoin is the “least reliable hedge during periods of acute market stress,” an observation that stands in stark contrast to Wall Street experts saying that investors have been flocking to the world’s largest cryptocurrency as a “legitimate hedge against inflation.”

Meanwhile, President Joe Biden’s Treasury Secretary nominee, Janet Yellen, who could be overseeing crypto-critical bureaus like the Financial Crimes Enforcement Network and the Internal Revenue Service, called cryptocurrencies “a particular concern” on Tuesday, suggesting that lawmakers take action to “curtail their use,” particularly to ensure they’re not used for illicit financing.

That’s not stopping institutional players from diving further into the space: Investment giant BlackRock filed documents with the Securities and Exchange Commission on Wednesday to include cash-settled Bitcoin futures as eligible investments for two of its funds.

Crucial Quote 

“Bitcoin is showing some vulnerability at the end of such a strong month: It was seeing some pressure at $34,000 Wednesday and has since buckled, making a run at $30,000 highly likely,” noted Oanda Senior Market Analyst Craig Erlam Thursday morning. “This level looks very vulnerable and a break below it is bad news in the near-term for bitcoin and cryptocurrencies in general,” he added, before saying he’d be less surprised if prices plunge to $20,000 before they break new highs. 

Related articles

How High will XRP Price reach after Ripple wins the SEC Lawsuit? XRP 3$?

How High will XRP Price reach after Ripple wins the SEC Lawsuit? XRP 3$?

26 March 2023
XRP, LTC, XMR and AVAX show bullish signs as Bitcoin battles to hold $28K

XRP, LTC, XMR and AVAX show bullish signs as Bitcoin battles to hold $28K

26 March 2023

Big Number

$926 billion. That’s the current market value of all cryptocurrencies, according to CoinMarketCap. That’s down nearly $200 billion following a record $1.1 trillion earlier this month, with nearly all the losses fueled by bitcoin.

[crypto-donation-box]

What To Watch For

Yellen’s not the only Biden nominee with a critical eye on crypto. Gary Gensler, the president’s nominee to head up the SEC, is a former banker who in 2018 said that cryptocurrencies including ether and XRP are akin to securities. In December, the SEC charged Ripple Labs (the firm behind XRP, the world’s third-largest token at the time) and two of its executives with conducting an unauthorized securities offering. In its complaint, the SEC alleged XRP is a security and therefore subject to the agency’s regulatory purview. XRP prices are down more than 60% since then. Meanwhile, an SEC director declared in 2018 that ether was not a security, but he stopped short of making that declaration permanent. 

Further Reading

A Sudden $100 Billion Bitcoin Sell-Off Is Dragging Down The Price Of All Major Cryptos—Except One (Forbes)

Cryptohopper
ADVERTISEMENT

BlackRock Files To Add Bitcoin Futures To Funds (Forbes)

Ether’s Market Value Surges $20 Billion In One Day While Bitcoin Prices Slow–Here’s Why (Forbes)

Crypto Market Erases $200 Billion In Market Value In 24 Hours; Regulator Warns Investors Could ‘Lose All Their Money’ (Forbes)



Source link

Tags: BillionBitcoinDollarHedgeJPMorganLossesReliablewarns
Share76Tweet47
Ledger Nano X - The secure hardware wallet
Previous Post

Bitcoin White Paper Now Hosted by Everyone From Square to Facebook. Here’s Why

Next Post

Bitcoin Worries ‘Fading’ as Crypto Goes Mainstream, S&P Says

Related Posts

How High will XRP Price reach after Ripple wins the SEC Lawsuit? XRP 3$?

How High will XRP Price reach after Ripple wins the SEC Lawsuit? XRP 3$?

26 March 2023
0

The XRP price has hardly been able to rise in the last few weeks, while Bitcoin has seen a price...

XRP, LTC, XMR and AVAX show bullish signs as Bitcoin battles to hold $28K

XRP, LTC, XMR and AVAX show bullish signs as Bitcoin battles to hold $28K

26 March 2023
0

The recent banking crisis in the United States seems to have shaken the belief of some customers in the legacy...

XRP Buyback Frontman Offers to Create Bank, Ex-Ripple Official Alerts Scam

XRP Buyback Frontman Offers to Create Bank, Ex-Ripple Official Alerts Scam

26 March 2023
0

Gamza Khanzadaev Matt Hamilton alerts possible scam after author of XRP buyback proposal comes up with bank idea Read U.TODAY...

Ripple (XRP) Price Prediction 2025-2030: Will XRP mirror Garlinghouse’s confidence?

Ripple (XRP) Price Prediction 2025-2030: Will XRP mirror Garlinghouse’s confidence?

26 March 2023
0

Disclaimer: The datasets shared in the following article have been compiled from a set of online resources and do not...

Ripple (XRP) Outperforms Bitcoin This Week, Rises 21% in Price

Ripple (XRP) Outperforms Bitcoin This Week, Rises 21% in Price

26 March 2023
0

Ripple (XRP) is the best-performing top 10 crypto assets of the last seven days after it gained more than 21%...

Load More
Next Post

Bitcoin Worries 'Fading' as Crypto Goes Mainstream, S&P Says

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Categories

  • Altcoin
  • ApeCoin
  • Bitcoin
  • Blockchain
  • BNB
  • Cardano
  • Cryptocurrency
  • DOGE
  • DOT
  • Ethereum
  • HBAR
  • Litecoin
  • Market
  • Meta News
  • Mining
  • NFT
  • QNT
  • Regulation
  • SHIBA
  • Solano
  • Tether
  • Uncategorized
  • XDC
  • XLM
  • XRP

What’s New Here!

  • ARK Invest Scoops Up Coinbase, Block Shares for Second Straight Day
  • First Citizens Nearing Deal for Silicon Valley Bank: Bloomberg
  • NVIDIA says cryptocurrencies do not ‘bring anything useful for society’

Newsletter

  • About Us
  • Privacy Policy
  • Contact Us

© 2022 coin24h.com

No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining

© 2020 coin24h.com

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$27,978.000.99%
  • ethereumEthereum(ETH)$1,770.501.15%
  • tetherTether(USDT)$1.00-0.49%
  • binancecoinBNB(BNB)$328.900.96%
  • usd-coinUSD Coin(USDC)$1.00-0.49%
  • rippleXRP(XRP)$0.4568150.87%
  • cardanoCardano(ADA)$0.353655-1.29%
  • staked-etherLido Staked Ether(STETH)$1,764.381.01%
  • dogecoinDogecoin(DOGE)$0.074031-1.46%
  • matic-networkPolygon(MATIC)$1.100.97%
  • binance-usdBinance USD(BUSD)$1.000.06%
  • solanaSolana(SOL)$20.73-0.30%
  • polkadotPolkadot(DOT)$6.010.06%
  • litecoinLitecoin(LTC)$92.73-1.29%
  • shiba-inuShiba Inu(SHIB)$0.0000110.69%
  • tronTRON(TRX)$0.0644420.19%
  • avalanche-2Avalanche(AVAX)$16.94-0.86%
  • daiDai(DAI)$1.00-0.20%
  • uniswapUniswap(UNI)$5.780.51%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$27,984.001.42%
  • chainlinkChainlink(LINK)$7.200.80%
  • cosmosCosmos Hub(ATOM)$11.22-0.17%
  • leo-tokenLEO Token(LEO)$3.472.12%
  • ToncoinToncoin(TON)$2.110.47%
  • moneroMonero(XMR)$160.48-3.52%
  • ethereum-classicEthereum Classic(ETC)$20.15-0.40%
  • okbOKB(OKB)$42.131.12%
  • stellarStellar(XLM)$0.0927650.57%
  • bitcoin-cashBitcoin Cash(BCH)$124.22-1.03%
  • filecoinFilecoin(FIL)$5.601.87%
  • AptosAptos(APT)$11.850.68%
  • true-usdTrueUSD(TUSD)$1.00-0.44%
  • lido-daoLido DAO(LDO)$2.184.12%
  • hedera-hashgraphHedera(HBAR)$0.0615091.38%
  • quant-networkQuant(QNT)$122.810.06%
  • crypto-com-chainCronos(CRO)$0.068361-1.04%
  • nearNEAR Protocol(NEAR)$1.94-0.35%
  • vechainVeChain(VET)$0.022853-0.53%
  • ArbitrumArbitrum(ARB)$1.295.44%
  • algorandAlgorand(ALGO)$0.2096670.11%
  • apecoinApeCoin(APE)$4.03-3.23%
  • internet-computerInternet Computer(ICP)$4.92-0.42%
  • blockstackStacks(STX)$0.981.19%
  • the-graphThe Graph(GRT)$0.140398-0.22%
  • eosEOS(EOS)$1.130.09%
  • fantomFantom(FTM)$0.440340-0.70%
  • the-sandboxThe Sandbox(SAND)$0.63-0.23%
  • elrond-erd-2MultiversX(EGLD)$42.52-0.18%
  • decentralandDecentraland(MANA)$0.59-0.48%
  • tezosTezos(XTZ)$1.151.66%