Sat, December 03, 2022

Crypto trading platforms also plum after Bitcoin price drop

Bitcoin price decrease

As the price of digital coins plummeted, cryptocurrency exchange Coinbase fell on Wednesday morning.

The company’s stock fell 10% after it began trading on Wednesday. Five weeks ago, before Coinbase made its public debut, the price of Bitcoin reached $65,000 and then peaked.

When cryptocurrency plummeted, the Coinbase app and website also started working with errors. It led to the frustration of several social media users as they wanted to buy at this price.

According to Coindesk, Bitcoin, the world’s most significant digital token, fell 25% in 24 hours to $33,147. Ethereum, the digital currency that promotes Ethereum blockchain development, has fallen 37% in the past 24 hours to $2,227. Dogecoin also plummeted 37% to 33 cents.

Binance, another popular trading platform among retail investors, also announced that it is suspending some cryptocurrency withdrawals on Wednesday morning.

That’s the announcement Binance made: “Due to network congestion, withdrawals of $ETH and ERC20 are temporarily prohibited. Thank you for your patience and inconvenience.”

Bitcoin has been receiving lots of doubts and dislikes recently

Bitcoin is the world’s most significant digital token, falling to nearly $30,000 on Wednesday morning.

Before this, China banned financial institutions from conducting cryptocurrency-related transactions on Tuesday. In addition, a report by JPMorgan Chase shows that large institutional investors are dumping bitcoin and turning to gold.

Tesla CEO Elon Musk also seems to have changed his attitude towards cryptocurrency. He said that the company would stop accepting Bitcoin payments due to environmental issues surrounding crypto mining.

Tesla is still a significant holder of Bitcoin, which fell by about 4% on Wednesday morning. The micro-strategy of buying large amounts of Bitcoin as a company’s capital made headlines, and its stock price dropped 10%.

Square and PayPal, which facilitate cryptocurrency transactions and have become big buyers, fell 4% and 1.5%, respectively, on Wednesday morning.

After the transaction began, Nvidia’s stock price fell by 2%. The company produces chips for crypto mining but reportedly tried to limit its use.

YOU MAY ALSO LIKE

dollar

The Dollar Remained Stable The dollar held steady but was pinned near

The Optimism of Slowing Interest Rate Only Goes So Far

The all-important jobs report caused a lot of volatility near a key

Oil refinery

Oil Futures Prices Were Mixed Oil futures were mixed on Friday, buoyed

COMMENTS

Leave a Comment

Your email address will not be published.

User Review
  • Support
    Sending
  • Platform
    Sending
  • Spreads
    Sending
  • Trading Instument
    Sending

BROKER NEWS

Consob Blocks 4 More Illegal Trading Platforms

Italy’s financial market watchdog, Consob, has blocklisted four more websites for operating illegally in the country. The number of fraudulent blocklisted platforms reduced to 805 is the ongoing effort by authorities to reduce

BROKER NEWS

Broker News

Consob Blocks 4 More Illegal Trading Platforms

Italy’s financial market watchdog, Consob, has blocklisted four more websites for operating illegally in the country. The number of fraudulent blocklisted platforms reduced to 805 is the ongoing effort by authorities to reduce illegal