Bitcoin Bulls Under Pressure After Cryptocurrency’s Selloff

- Advertisement -

Bitcoin’s second-quarter selloff left a crater in the bull case for the highly speculative cryptocurrency.

The digital asset fell 41% in the second quarter, according to Dow Jones Market Data. That was the worst selloff since a 43% drop in the fourth quarter of 2018, and the fourth-worst drop in bitcoin’s decade-plus history.

“We can say with absolute certainty that the hype has left the market,” said Mati Greenspan, who writes the Quantum Economics newsletter. That is more of a problem for bitcoin than other assets, since bitcoin is driven largely by momentum and speculation.

Bitcoin certainly didn’t drop over any widespread meltdown. The S&P 500 rose 8.2% and the Nasdaq Composite rose 9.5%. U.S. crude oil rose 24% and even gold—the asset to which many bitcoiners compare the digital currency—rose 3.3%.

Throughout the quarter there was a steady drumbeat of questions, about bitcoin’s speculative frenzy, about its energy usage, about its risks. China cracked down on the industry, and regulators in a number of other countries raised questions as well. Elon Musk tweeted.

Latest news

Investors Are Buying American – WSJ

Investors around the globe are pouring money into U.S. financial assets, a sign of confidence...

Ratings for Olympics Opening Ceremony Fall 36% From 2016

The kickoff of the Summer Olympics in Tokyo drew about 17 million viewers in the...

Facebook decided faith groups are good for business. Now, it wants your prayers, Tech News News & Top Stories

MENLO PARK (REUTERS) - Facebook has long sought your attention. In recent weeks, it has started asking for your prayers as well in a...

Spyware for sale: the booming trade in surveillance tech, Tech News News & Top Stories

PARIS (AFP) - Israeli's NSO Group is in the eye of a storm over its Pegasus spyware - but it is far from the...
Related news

Investors Are Buying American – WSJ

Investors around the globe are pouring money into U.S. financial assets, a sign of confidence...

Ratings for Olympics Opening Ceremony Fall 36% From 2016

The kickoff of the Summer Olympics in Tokyo drew about 17 million viewers in the...

Facebook decided faith groups are good for business. Now, it wants your prayers, Tech News News & Top Stories

MENLO PARK (REUTERS) - Facebook has long sought your attention. In recent weeks, it has started asking for your prayers as well in a...

Spyware for sale: the booming trade in surveillance tech, Tech News News & Top Stories

PARIS (AFP) - Israeli's NSO Group is in the eye of a storm over its Pegasus spyware - but it is far from the...

LEAVE A REPLY

Please enter your comment!
Please enter your name here