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Coinbase actions (currency), the greatest exchange of cryptocurrencies in the United States, faced a significant drop during the first quarter (first quarter) of the year, mainly due to the growing concern for the American economy and its impact on digital resources.
Coinbase and others face greater volatility
Second For Bloomberg, Coinbase shares decreased by more than 30% from the beginning of the quarter, marking its worst performance from the collapse of the FTX exchange at the end of 2022.
This decline reflects a wider trend that affects almost all the main cryptocurrency titles, including companies such as Galaxy Digital Holdings (Glxy.to), Riot (Riot) and Core Scientific (Corz) platforms.
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The cryptocurrency market itself is experiencing turbulence, with Bitcoin (BTC) that drops by 20% from its high level of all time Ethereum (ETH) that collapses more than 45% of value.
These shifts come between the president Donald Trump’s escalation of a “global commercial war”, which aroused fears for the health of the country’s economy. The economic data exacerbated these concerns, pushing the S&P 500 index (GSPC) towards its worst quarter since mid -201022.
Analyst Oppenheimer Owen Lau observed that many within the cryptocurrency community recognize that current market conditions are not mainly guided by fundamental factors. Instead, Lau stressed that macroeconomic issues, such as rates and potential commercial war, significantly influence the feeling of investors.
According to reports, the impending threat of a recession was added to the discomfort, causing high -risk cryptocurrencies to be even more volatile than Bitcoin itself.
Lau explains that investments in companies such as Coinbase involve further risks, including potential failure, making them particularly susceptible to rapid Sell-offs.
The cryptocurrency market struggle to bounce
The current state of the cryptocurrency market is a clear contrast with the optimism that prevailed at the beginning of the year, following the Trump elections. Bitcoin has reached a maximum record of over $ 109,000 on the day of the inauguration.
At the beginning of this month, Bitcoin prices have decreased After Trump has announced a strategic reserve for the market leader’s encryption, but did not allocate taxpayers’s funds to expand it. Starting now, Bitcoin exchanges about $ 83,000, still above the pre-election levels but far from its peak.
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While the actions of various cryptocurrency companies have increased after the elections, since then coinbase and crypt miners have given up on these earnings. In particular, by Michael Saylor Strategy (Mstr) is among the few titles in the sector that has managed to remain in positive territory from November 5th.
Despite the recession, the cryptocurrency industry continues to earn influence in Washington and is approaching integration with traditional financial systems. However, this growing power has yet to translate into a rebound of the market.
Connor Loewen, a 3iq cryptocurrency analyst, expressed skepticism on the current state of the feeling of investors, affirming: “What we saw a couple of months ago, I don’t know how crazy it can get this way. I think we will have to look for new catalysts”.
First floor image from Dall-E, TradingView.com graphics