In June, Bitcoin pools became important due to the low point for cryptocurrency markets was 2022, which was a new low point. The total value of all cryptocurrencies on the world market dropped below $1 trillion, to $977 billion.
In November of the year before, the market capitalization of all cryptocurrencies reached a high of $3 trillion. Since then, it has dropped by more than $2 trillion. Nearly all of the most valuable cryptocurrencies have seen their prices drop to levels that are half or even less than their all-time highs.
The immediate cause of the drop in cryptocurrency prices seems to be a big sell-off by investors who are worried about inflation and a stop in withdrawals by the company Celsius that lends cryptocurrency. Not just the bond markets, but also the stock markets show that investors are still avoiding riskier assets.
The chairman and CEO of Salinas Group, Ricardo Salinas Pliego, recently went on Twitter to talk about the recent drop in the price of bitcoin. He says that he will be sorry that he didn’t buy more Bitcoin at its current price.
Analysts say that the sudden drop in the price of cryptocurrencies shows that investors are less willing to take risks. They are clearly careful about putting money into risky assets. Due to its many challenges and fluctuations, cryptocurrency is often seen as one of the riskiest financial products to invest in.
A user asked Salinas if he knew how much Bitcoin was worth now. The senior executive replied to the user with a tweet. The chairman made a joke about how he didn’t know if the pain from his nose surgery or the recent drop in Bitcoin prices hurt him more.
Salinas is the third richest person in Mexico and the 172nd richest person in the world. He was still in a hospital bed after having surgery on his nose to fix a breathing problem. On the list of the richest people in the world, Salinas comes in at number 172.
Several of his followers replied to his tweet with different ideas and opinions. Most people on Twitter thought that the price would keep going down to 10,000 or 17,000, but some thought that it would now start going up.
Salinas said that in June 2021, he would tell Banco Azteca to think about accepting Bitcoin as a form of payment.
The price of Bitcoin has gone up a little bit in the roughly two hours since Salinas tweeted about it. This is just a coincidence. CoinMarketCap says that the price of Bitcoin right now is $22,381.46. This is a 6.71 percent drop in the last twenty-four hours.
How can something make a difference?
In short, those who still have Bitcoin would need to keep it safe and keep using it, while others would need to start buying Bitcoin again. In the past, something like this happened.
Cryptocurrency fans will tell you that now is a great time to buy because the price is low, but you’ll need to be patient and wait for it to turn the corner. One of them just sent me a tweet saying, “The pump will always happen.”
Stories that are interesting, like those about people who “got rich quick,” and endorsements from well-known people do bring in new money. Elon Musk tweets a lot about how excited he is about cryptocurrencies, and the company he started, Tesla, spent $1.5 billion on Bitcoin in 2017.
But people who give advice on investing say to be very careful
Altaf Kassam, who is the managing director of State Street Advisors, was interviewed on the BBC Radio 5 Live show Wake Up To Money. And since we’re talking about bravery, in October 2021, Hollywood star Matt Damon was in a crypto ad that said “Fortune smiles on the brave.” It happened during the Super Bowl, and between Twitter and YouTube, 28 million people have seen it.
