Bitcoin and other crypto coins have been dropping recently. Investors and traders have been worried about some even selling their coins to avoid losses.
Most countries do not accept bitcoin and its trading. Some countries have banned bitcoin trading, which continues to serve as a blow to the crypto coin. Thailand has also been against the coin as they say that crypto can harm its financial stability and economic system.
The statement was delivered by The Bank of Thailand, the Thai Securities and Exchange Commission, and the country’s Ministry of Finance on Tuesday.
However, Bitcoin has managed to stay relatively stable despite the fall witnessed in the stock market. S&P500 ended Tuesday 1.22% lower at 4,356.45. At the same time, The Nasdaq declined 2.28% to 13,539.29.
According to the Senior Market Analyst at OANDA, Edward Moya believes that the crypto can manage to make its way back to $40,000 over the next several trading days. It will be a positive sign in the crypto world if this happens.
Negative headlines about crypto have been affecting it. The international monetary fund called out El Salvador’s use of bitcoin as legal tender, a negative headline about crypto.
Although, he noted that Bitcoin has been doing reasonably okay despite the negative headlines. “It could be a strong altcoin season,” said Moya,
Pentoshi, a Pseudonymous cryptocurrency analyst, shared that El Salvador could be the biggest winner in the downtrend but provided their Bitcoin bonds are oversubscribed.
Delphi Digital’s statistics show that investors yielded in the latest downwards march of Bitcoin to $35,000 levels.
“As fear strikes the hearts of even seasoned crypto investors, $2.5B of net losses have been realized on the day that BTC hit $35k,” wrote the independent research firm in an emailed note.
According to Delphi Digital, such levels of net realized losses have never been witnessed since June 2021.