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Translated by: Himalaya Washington DC – boylatin1L
Bitcoin fell below $30,000 today, a low since July 2021, as U.S. stocks and other markets tumbled. Investors worried about the accelerated U.S. currency tightening and soaring inflation, causing markets such as Wall Street to slump.
Bitcoin, the world’s largest cryptocurrency by market capitalization, fell to $29,764 on May 10th, before regaining the $30,000 mark. It has continued to tumble recently amid investor concerns over a risky sell-off.
Bitcoin has more than halved in price since it climbed to nearly $69,000 in November. While cryptocurrency advocates see bitcoin as an inflation haven, traditional investors see bitcoin as a risk asset.
As the U.S. Federal Reserve raises interest rates to combat multi-decade highs in inflation, investors are gradually getting out of bitcoin and other digital currencies and other volatile assets such as technology stocks.
Bitcoin’s long-term fundamentals haven’t changed for months, but the prospect of a recession has put the cryptocurrency in a stricter environment.
Miles Guo of the New Federal State of China (NFSC) has emphasized many times in the live broadcast that the future of Bitcoin is bound to plummet and disappear. It seems that Bitcoin is getting closer and closer to such an end.
Edited and Proofread by: Linda Progress
Posted by: Peter Chen
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