Fri, December 09, 2022

Bitcoin Returns to $36K – the End of a Tense Week

Bitcoin Returns to $36K - the End of a Tense Week

The price of Bitcoin has fallen in trade; Since cryptocurrency reached its lowest point in the summer. The downward trend in Bitcoin and other cryptocurrencies dates back to November when BTC hit a record high and retreated. At this point, the largest cryptocurrency with market capitalization managed to maintain a positive outlook until Monday. On global exchanges, the price of the most popular cryptocurrency rose to $36,000; Which marks a slight revival in the last few days. CoinMarketCap’s BTC value is $36,310, up 2.94 percent in the previous 24 hours.

However, Ether, the second-largest cryptocurrency, does not follow in the footsteps of Bitcoin. Ethereum-based cryptocurrency witnessed another decline. The value of cryptocurrencies on global exchanges dropped well below the $2,500 mark to $2,394; A total of 1.73 percent in the last 24 hours. Popular Altcoins are also experiencing severe fluctuations. Even stablecoins cannot show green stripes today. Cardano, Ripple, Tether, Chainlink, Polkadot, Uniswap, and Polygon fell in value. The ATOM token grew remarkably more than 8 percent, making it a lucrative stock today.

Meme coins did not have a perfect start to the week. Shiba Inu and Dogecoin had a more significant drop. According to CoinGecko, the DOGE and SHIB prices have fallen by 20 percent in the last seven days. The Shiba Inu drop is approaching 30 percent.

Conclusion

The mayor of New York, Eric Adams, converted his first salary from a US dollar to a cryptocurrency before the market collapsed over the weekend. Adams announced after winning the mayoral election in November that he would receive his first three salaries in Bitcoin. He said NYC would be the center of the cryptocurrency industry and other fast-growing, innovative industries. According to Bloomberg calculations, Adams may lose about $1,000 as of Monday based on his first two-week salary; $9,924.66. The analysis assumes an equal mix of bitcoin and Ether. It is also based on Thursday closing prices for two cryptocurrencies.

Experts expect that the rise of Bitcoin will begin soon and may reach a record high at the beginning of the year. After last week’s crash, it looks like the digital currency is gathering strength and preparing for new positive changes.

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