Vijay Ayyar expressed his perspectives regarding the possible trading prices Bitcoin could hit in the coming months. He is corporate development and international vice president at cryptocurrency platform Luno.
We are eager to learn about what lies ahead for Bitcoin, and we think Mr. Vijay Ayyar’s viewpoints are relevant since he is a virtual currency executive.
We want to share his insights with our readers, who are also interested in the latest reports about the flagship cryptocurrency.
Ayyar remarked that Bitcoin’s trading price had normally declined approximately more than 80 percent if an investor looked at the previous bear markets. He cited that altcoins usually perform over 90 percent.
Ayyar pointed out that the cryptocurrency space could witness much lower Bitcoin trading prices over the next month or two if such a scenario remains the case.
Luno’s vice president of corporate development and international relayed that the United States’ latest inflation data is aiding in fueling the downward action into the weekend.
This information, released last Friday, June 10, topped expectations and dashed hopes that rising commodity prices may have peaked.
Ayyar said investors would likely witness the cryptocurrency bearishness carry on to the coming week, especially with the Federal Open Market Committee or FOMC conference coming up.
The total long cryptocurrency liquidations were north of US$100 million for a third consecutive day yesterday, Sunday, June 12.
This event comes following US$258 million on Friday and US$290 million on Saturday, June 11, per the information from Coinglass.
The MVIS CryptoCompare Digital Assets 100 index is a market capitalization-weighted measure tracking the 100 largest tokens’ performance. It plummeted to the lowest level since January 2021.
In recent months, Bitcoin and other virtual currencies have suffered. This development happened as risk assets like technology stocks retreated, the US Federal Reserve System increased interest rates, and international policymakers stepped up efforts to fight commodity price surges.
Bitcoin’s trading price nosedived to as low as US$27,264.65 lately, which is its lowest since May 12. At the time of writing this news, the flagship crypto-asset trades at exactly US$27,299.54 based on the information posted on Coinmarketcap.com.
Similar to Bitcoin, the trading price of Ether fell yesterday, Sunday, amid the cryptocurrency complex’s broader retreat in the wake of data exhibiting US inflation hitting a fresh 40-year high, according to the news posted online by finance, markets, and business news source Bloomberg.
Ethereum’s cryptocurrency, which trades at precisely US$1,469.35 per Coinmarketcap.com, declined as much as 5 percent to US$1,445.56, and this trading price is the cryptocurrency’s lowest level since March 2021.
We want to thank Mr. Ayyar for sharing his insights regarding Bitcoin. We feel dismal to learn that the cryptocurrency field has extended its tumble into last weekend following the US inflation data’s release.
It saddens us to learn that the broad cryptocurrency index has plummeted to levels not seen since January 2021.
Additionally, we gathered that virtually all top cryptocurrencies were down yesterday, Sunday. The likes of Avalanche and Dogecoin had their trading prices down more than 7 percent yesterday as of 11 AM Singapore time.
Nonetheless, we believe these bleak events are all temporary. We think Bitcoin and the other crypto-assets will rebound later this year for as long as there is investor support. Thus, we just have to be patient and continuously optimistic.