For the second time in 24 hours, the price of bitcoin has plummeted by 3.3 percent. In March, US President Joe Biden signed an executive order on crypto laws. Which has sent the price of Bitcoin down to $38,210.
On Tuesday, the price of one bitcoin rose to $40,800, but then fell briefly.
Amazon has denied rumors that it may accept Bitcoin as payment.
In the wake of widespread rumors that Amazon will begin taking Bitcoin payments. The company issued a statement stating that it would not be doing so. Ether was also driven down even farther.
Amazon’s announcement of a crypto-related job posting sent the price of Bitcoin soaring. Although an Amazon spokesman later rejected allegations. Where in Bitcoin will be implemented as a payment mechanism this year.
As investors rushed to place their wagers on the rumor of a negative surge. Bitcoin hit a high of around $40,545 USD. Crypto shorts were liquidated to the tune of more over $950 million. A level not seen since May of this year.
Correcting for Multiple Waves
A “multi-wave correction” describes the current state of Bitcoin and all other cryptocurrencies. That number is likely to rise to $45,000 by the end of the year before dipping again.
BTC’s wild ride is a symptom of that corrective action. After a record high of $65,000, the crypto sector witnessed a tremendous collapse due to environmental and regulatory challenges.
It’s normal to expect BTC and other cryptocurrencies to be volatile this week. Investors, on the other hand, are hoping for the next big wave. That can break the BTC out of its so-so trading range of a measly $30,000 to $40,000.
Future of Bitcoin
This week’s risk is elevated due to the Federal Reserve’s decision announcement.
Furthermore, news of an inquiry into possible Tether executive bank fraud has left the crypto world in suspense.
Investors in Bitcoin have been concerned about inflation, the environment, politics, and the economy, in particular the Federal Reserve. Inflation in March of this year was the worst since 1981, when inflation was at its worst.
Volatility in both the stock and crypto markets has been influenced by a variety of variables.
For the time being, the present price range for Bitcoin is considered to be a middle ground. As its performance will influence how the following few days will play out. Is it going to be positive or negative? People will get a sense of where BTC is headed. If only it continues to perform in this range.
