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Hindustan Times
3 days ago
- Business
- Hindustan Times
Why is the crypto market down today? Explained
The cryptocurrency market on Friday experienced a significant decline, with a 61 billion dollar dip in total market capitalisation, partially due to new restrictions imposed by China on private cryptocurrency holdings. China has imposed a fresh ban on cryptocurrency holdings according to a report by Binance. The Chinese government has not only banned trading or mining of cryptocurrencies, but even individual ownership of digital assets like Bitcoin. Although the current situation is challenging, analysts expect that downward pressure will ease soon, says InvestX, a cryptocurrency and finance related website. Also Read: Crypto investor tortures Italian man for Bitcoin password in $30,000-a-month NYC apartment The move by China has led to a general decrease in investor optimism and has caused panic selling that caused a drop in the markets. China has had a hardline approach to cryptocurrency in order to promote the use of the state-backed digital yuan. With the ban on private crypto holdings, Beijing is tightening its grip on financial flows, potentially accelerating the adoption of its central bank digital currency (CBDC). Also Read: Who is John Woeltz? $100M crypto king kidnaps, tortures Italian man for Bitcoin password in NYC before dramatic escape Meanwhile, the Trump administration's decision to favour tax cuts and lower tariffs have the potential to kick off another speculative frenzy in markets, reported Reuters, citing Bank of America. This US economic strategy could incentivize traders to ditch bonds and start buying back into artificial intelligence and crypto trades, which would risk inflating a market 'bubble." US vice president JD Vance has advocated for the use of Bitcoin and other cryptocurrencies in order to build on its strategic advantages against China. During a Bitcoin Conference in Las Vegas, Vance applauded President Donald Trump's executive order in March that created a strategic bitcoin reserve with tokens already owned by the government.
Time of India
22-04-2025
- Business
- Time of India
Bitcoin surges above $90,000 for the first time since March 7; here's what driving the surge
Bitcoin (BTC) has had an impressive bounce back, crossing above the $90,000 for the first time on Monday since March 7, this year, as per reports. Bitcoin Outshines Equities Markets The largest cryptocurrency has appreciated by over 5% in the last five days, a complete turnaround from the downward trajectory of legacy equities, as per CoinDesk. While the S&P 500 dipped from more than 5,700 points in early March to about 5,200, Bitcoin's recent surge indicates increasing divergence between digital currencies and traditional stock markets, according to CoinDesk. "A Turning Point" for Bitcoin Bitcoin's upward surge is due to escalating skepticism of the US dollar and rising economic uncertainty , as per InvestX. CryptoVision analyzed that, 'For the first time in years, Bitcoin and gold are telling the same story,' highlighting the recent all-time high of gold and Bitcoin's breakthrough, quoted InvestX. CryptoVision mentioned that, 'Gold is marking its 55th peak in a year, and Bitcoin is joining the party,' and highlighted that these two assets signal increasing distrust in the US dollar and heightened economic uncertainty, reported InvestX. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas For Sale in Dubai Might Surprise You Villas in Dubai | Search Ads Get Deals According to the report, the Dollar Index, which measures the currency against a basket of six major currencies, has fallen10% since January because of the trade tensions that started with US president Donald Trump's tariffs policy. InvestX wrote that, "The DXY is at its lowest level since March 2022, which could propel Bitcoin towards $90,000." An analyst on social media platform X, called 'Horizon Crypto', wrote that, 'Nasdaq down, dollar weakening, gold at a new high, and Bitcoin soaring: we are at a turning point,' quoted InvestX. Live Events FAQs Why has Bitcoin gone up recently? Bitcoin has surged because of rising skepticism about the US dollar and increasing economic uncertainty, as per reports. How did Bitcoin perform compared to stocks? Bitcoin has diverged from traditional stocks like the S&P 500, which has fallen in recent weeks, as per CoinDesk report.
