Why bitcoin prices drop

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Bitcoin Is Getting Crushed Because Holders Worry They’ll Never See These Prices Again

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Bitcoin pares losses after tumbling on Elon Musk’s price remarks

It's essentially a substitute for gold rather than for the dollar. And I think with crypto assets the public needs to understand the risks. Elaborating on those perceived risks about digital currencies, Powell had listed the price volatility, the "outsized" energy requirement for mining - a process used to create the coins with computing power - and "the fact that they are not backed by anything.

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He said stablecoins—which are digital currencies that claim to have a more stable value because the price is tied to another asset such as the dollar of the price of gold—could play a role in future financial systems, but only with proper governance. Powell said: "Stablecoins may have a role to play with appropriate regulation but that role will not be to form the basis of a new global monetary system.

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  6. Charles Hayter, the CEO of market tracker CryptoCompare, told Newsweek via email on Tuesday that volatility appeared to be leveling off but, referencing the unstable nature of the prices, a "pattern of acceleration and deceleration in the space is typical. Hayter said: "There are two clear thematic trends at play that have a direct underlying commonality—crypto markets and traditional markets colliding.


    On this point, we can firmly say that the interest is from product providers globally, and wealth managers who are seeing strong demand from clients to hedge the ever apparent realization that fiat is a mirage. Read more.