• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

AdvanceTec

Hot Tech News and Reviews

  • Home
  • Tech Today
  • Big Tech
  • Facts
  • Science Now
  • Technology Tips
  • Tech Reviews
  • Health
  • Contact Us

Bitcoin Pricing Falls Below $22,000 Lines While Geopolitical Situation Affecting The Market Direction

August 4, 2022 By AdvanceTec Writer

Bitcoin fell slightly and is trading at the $22,000 level. Investors are waiting and waiting, and volume and volatility are declining.

According to CoinMarketCap, a global cryptocurrency market relay site on the 1st, as of 9 am on the same day, Bitcoin was trading at $22,623.45, down 0.92% from 24 hours ago.

On the domestic cryptocurrency exchange Upbit, Bitcoin was traded at 30.35 million won, up 0.11% from 24 hours ago.

Ethereum, the leader of altcoins (alternative coins other than Bitcoin and Bitcoin), is also on a downward trend.

On CoinMarketCap, Ethereum fell 0.68% to $1606.67 from 24 hours ago.

At the same time on Upbit, Ethereum was down 0.74% from 24 hours ago to 2167,000 won.

The Upbit Market Index (UBMI) index, calculated according to the Comprehensive Market Index methodology for all digital assets listed on the KRW market of the Upbit Exchange, fell to 5488.19 points for 6 days in a row as of 9:00 a.m. on the same day, down 0.85% from the previous day. lost.

UBAI, the index of altcoins excluding Bitcoin, also fell 0.31%.

On the daily Bitcoin chart, the black bar, where the closing price was lower than the opening price, appeared for 7 days in a row. Daily trading volume is also below the 20-day moving average.

CoinDesk analyzed, “As the trading volume reflects investors’ confidence in the future direction of the price, the continuously low trading volume indicates that investors are taking a wait-and-see stance without a clear direction.”

Experts “Virtual asset price direction is influenced by changes in geopolitical conditions”

Some believe that Bitcoin and Ethereum prices could go in one of two completely different directions in the next few days or weeks. It is analyzed that the direction may change completely depending on the change in the geopolitical situation between Russia, China and NATO.

According to NextAdvisor, a Time affiliated financial magazine, Martin Hisbock, head of blockchain and crypto research at Uphold, said, “There are two scenarios that Bitcoin and Ethereum prices have fallen sharply this year or rebounded and never returned to their summer lows this year. “For now, the former is more likely,” he said.

As geopolitical tensions grew over China’s backlash against US House Speaker Nancy Pelosi’s visit to Taiwan this week, investors are increasingly avoiding risky assets, including virtual assets.

Analysts feared that this sentiment could lead to virtual assets falling back to their June lows and further declines if geopolitical tensions intensify globally.

“The greater the uncertainty about global politics and the US economy, the greater the unpredictability in the market,” Heathbok said. “Investors do not like uncertainty.”

Edward Moya, senior market analyst at Oanda, also said, “July was the best month since 2020 for stocks and most asset markets, but escalating tensions between the world’s largest economy, China and the United States, will dampen risk appetite.”

Coinbase shares up 10% on news of BlackRock partnership

Meanwhile, on the 4th (local time), when Coinbase, a global virtual asset exchange, announced that it had signed a partnership with the world’s largest asset manager, BlackRock, its stock price soared 10%. During the trading session, it rose more than 40%.

“Coinbase will provide services such as trading and storage of virtual assets to institutional customers of Aladdin, BlackRock’s integrated investment platform,” Coinbase said on its official blog on the same day.

BlackRock also said, “Institutional customers are increasingly interested in virtual assets.

U.S. media outlets analyzed the partnership as a sign that the cryptocurrency winter, which lasted nearly a year, is finally showing signs of thawing.

S3 Partners managing director Ihor Dusaniwski said, “The announcement of this partnership will put a huge pressure on the short sellers of Coinbase.

Filed Under: Big Tech, Tech Today Tagged With: bitcoin, bitcoin price, Coinbase, CoinMarketCap

More AdvanceTec Posts

Best Foods To Get Rid Of Bad Breath

7 Best Foods To Get Rid Of Bad Breath

Although you can't feel the unpleasant smell from your mouth yourself, you can easily recognize the person you are talking to and not only make you … Read Full Article about 7 Best Foods To Get Rid Of Bad Breath

6 Symptoms of Excessive Sugar Consumption

6 Symptoms of Excessive Sugar Consumption

Sugar, which is a sweet simple sugar, is a major additive in sweets, beverages, cakes, and various processed foods. When it contains a lot of sugar, … Read Full Article about 6 Symptoms of Excessive Sugar Consumption

What kind of tea is best to drink in winter?

Winter is the season when you need to pay more attention to your health compared to other seasons, when the bitter wind, dry weather, and cold waves … Read Full Article about What kind of tea is best to drink in winter?

4 Tips To Prevent Neck Wrinkles

It can be said that it is a very natural phenomenon that wrinkles occur on the skin due to aging. Even though the skin wrinkles are formed as the age … Read Full Article about 4 Tips To Prevent Neck Wrinkles

Primary Sidebar

Recent Posts

5 Tips To Overcome Food Coma

After lunch, I often feel drowsy and drowsy. This symptom of drowsiness and drowsiness after eating is called Food Coma, … Continue Reading about 5 Tips To Overcome Food Coma

  • Ashwagandha Benefits and Side Effects
  • Michael Saylor, CEO of MicroStrategy, famous for his “bitcoin debt”, eventually resigned after losing $917.8 million from his coin investment
  • Bitcoin Pricing Falls Below $22,000 Lines While Geopolitical Situation Affecting The Market Direction

AdvanceTec Social

  • Email
  • Facebook
  • RSS

Copyright © 2022 · Advancetec · About Us · Log in