The world’s oldest cryptocurrency, bitcoin, continued to fall as large investors sold off their positions. The crypto asset posted a 24 hour high and low of $ 32,939.54 and $ 30,875.63, respectively. However, it was trading higher 0.52% at $ 31,768 around 12:45 p.m. (IST) on Wednesday, according to data available with the WazirX crypto exchange.
Read also | How India Became an Unequal Republic
“Bitcoin prices fell 4% after hitting the $ 35,000 level on Monday. The price of the most popular cryptocurrency fell to $ 30,875 and then climbed back to over $ 32,000. Experts say many keepers and whales have sold their positions. On the other side, DeFi is making noise as the amount of bitcoin locked in DeFi is at the highest of the month. Almost 42,604 bitcoins are locked in DeFi. Institutionally, Marathon, a crypto mining company has invested $ 150 million in Bitcoin and aims to be the world’s largest miner, “said Ashish Singhal, CEO and co-founder of CoinSwitch Kuber, a crypto investment platform. -change.
DeFi or decentralized finance is an experimental form of financing that does not rely on central financial intermediaries.
Meanwhile, the second largest cryptocurrency by market cap, Ethereum, was trading marginally in the green at $ 1,310.09. However, other major cryptocurrencies such as stellar, ripple, and tether were trading in the red.
Cryptocurrencies have come under pressure lately despite interest from major financial institutions such as BlackRock and Goldman Sachs.
In a recent survey conducted by leading financial services bank Deutsche Bank, respondents indicated that bitcoin was in the “ extreme bubble ” zone.
The survey was conducted among 627 professionals in the global market from January 13 to 15. Market professionals were asked to identify bubble zones in global markets on a scale of 0 to 10, with 10 meaning “extreme bubble”.
Bitcoin scored 8.7, while US tech stocks came in second with a score of 7.9, followed by 6.2 for European government bonds.