Crypto Selloff By Investing.com



By Carjuan Cruz

Investing.com – The price of the was attempting to continue to recover, after the weekend drop, when it reached $17,600, a low not seen since December 2017. Even yesterday it was rising and touched $21,600, and today it reached a high of $20,800, but after the appearance of Jerome Powell, president of the Federal Reserve of the United States, the cryptocurrency slipped, falling to $19,943, and the losses of the day moved in a range between 3% and 4%.

After the high official’s statements, Bitcoin sales intensified, with investors fleeing risk. Powell confirmed the Fed’s position in terms of continuing with an aggressive policy of raising rates and selling bonds, restricting liquidity and directly impacting the price of the cryptocurrency.

The higher sales seen in the sector also affected other related companies, such as the shares of the mining company, Riot Blockchain Inc (NASDAQ:), whose price fell 9%.

Coinbase (NASDAQ:) was also affected, reflecting a drop of almost 10% in its share price; also impacted by the announcement of Binance, the main cryptographic exchange platform, which established a 0 trading fee for certain transactions.

And it is that the cryptocurrency sector is in bearish territory, with trading volumes on crypto exchanges shrinking, even impacting the solvency of the industry.

Last week industry lender Celsius Network halted customer withdrawals, Binance temporarily halted Bitcoin withdrawals, startup BlockFi was seeking additional funding, and crypto hedge fund Three Arrows Capital confirmed it suffered heavy losses.

You can follow the real-time price of Bitcoin here

And you can find the list of cryptocurrencies and their prices in real time here

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