The cryptocurrency "Bitcoin" fell 6.4% to $58,777 thousand by 22:18 GMT yesterday, Tuesday, before recovering and compensating part of its losses and trading at the level of $59,325 thousand, in trading on Wednesday morning.
Thus, the largest and most famous cryptocurrencies in the world have fallen 20.3% from their highest level this year of $73,794, which they recorded on March 14, according to Reuters.
It is noteworthy that a report recently published by the American magazine “Forbes” concluded that the encrypted digital currency “Bitcoin” is better than gold in the field of investment, and as a hedging material during crises, due to the recent fluctuations witnessed in global markets, which undermined the theory that claims that gold is a safe haven. It is the best commodity during insecure times.
According to the report seen by Al Arabiya Net, the comparison between gold and Bitcoin is due to several basic characteristics that both assets share, as they have a limited supply (although the actual limit of gold is still undetermined), and investors and analysts often describe As an anti-dollarization or hedge against inflation, for most investors, these assets make up only a modest proportion of overall investments.
The report said the recent sell-off sparked fears of a recession in the United States due to weaker-than-expected economic data and a surprise increase in interest rates by the Bank of Japan that rippled across global markets and asset classes.
No comments:
Post a Comment