Categories: Top StoriesWorld

Bitcoin crashes further as China warns Pelosi against visiting Taiwan

Bitcoin is down for a third day as jitters in the cryptocurrency market and rumours of a US speaker’s travel to Taiwan weigh on the market. Jitters in the global markets about intensifying US-China hostility are weighing on the cryptocurrency market.

In the early hours of Tuesday, the biggest digital token dropped as much as about 2%, reading below $23k. At one time, Ether lost 3.7%, while lesser coins like XRP and Cardano were also down.

Advertisement

The highest-ranking American politician to visit Taiwan in 25 years, US House Speaker Nancy Pelosi, is scheduled to arrive in Taiwan on Tuesday. China has threatened consequences if the voyage takes place and claims the island as its own. Investors sold off risky assets as a result of the escalation risk.

  • Bitcoin made a weekend surge toward $25,000 on the road to finishing up its largest monthly gain since October last year before the most recent gyrations. The rise has reinforced the idea that the worst of this year’s crypto crash is behind us; Bitcoin is down approximately 51%.
  • Speculators appear to view Bitcoin as having a $25,000 ceiling and a $20,000 floor, according to bets made in the options markets. According to data gathered by Coinglass, this is due to a large number of active call and put contracts (also known as open interest) at their respective strike prices.
  • Being riskier assets, bitcoin and the alternative coins suffered badly. Q2 ended as BTC’s worst trading quarter in over a decade with a massive decline of over 55%. June alone was the asset’s most violent month in over ten years. In it, BTC dumped from $30,000 to a multi-year low of $17,500, and even though it reclaimed some ground by the end, it still closed with a 37% decrease.
Ayoola Olaitan

Recent Posts

Why Seyi Tinubu Can’t Be Lagos Governor- Igbokwe

A member of the All Progressives Congress (APC), Joe Igbokwe, has said Seyi Tinubu, son…

11 hours ago

Simon Ekpa Not Our Member, Should Not Be Associated With Us- IPOB

IPOB PRESS RELEASE 22/11/2024 SIMON EKPA IS NOT AN IPOB MEMBER AND MUST NOT BE…

14 hours ago

NEWSPAPER HEADLINES FOR FRIDAY 22ND NOVEMBER 2024

NEWSPAPER HEADLINES FOR FRIDAY 22ND NOVEMBER 2024. *PUNCH* Gombe begins N28bn Assembly, high court complexes…

15 hours ago

My husband assaulted me, ruined my career – Olajumoke Onibread

Former bread seller turned model, Olajumoke Orisaguna, popularly known as Olajumoke Onibread, has opened up…

18 hours ago

“I did not punch Akpabio” – Senator Bamidele speaks on alleged fight with Senate President

Senate Majority Leader, Opeyemi Bamidele has denies reports that he was involved in a fight…

18 hours ago

Speaker Obasa Clarifies Negative Perceptions As Sanwo-Olu Presents 2025 Budget

– says lawmakers united to meet yearnings of Lagosians – accuses detractors of peddling news…

18 hours ago