Investors are unwilling to buy Bitcoin anymore. It stop being on demand as the price dropped. In August, The price fell to 20.7 thousand dollars after the announcement of local minimum. Experts do not lose hope for the rise of the cryptocurrency, but the coming week will bring many changes.
The remaining cryptocurrencies started to lose value, just right after Bitcoin. Weekly loss of Ethereum has already exceeded 16%. Naturally, the fall in prices is associated with the dollar. In July, the price of the crypto rose, as did the dollar indices, which had a good recovery trend. In August, investors who bought cryptocurrency on growth sharply close their positions.
If the pressure on the indexes continues, due to the crisis and inflation, cryptocurrencies will continue to fall in price.
The situation remains critical around the globe. Inflation in Europe exceeds 40 year highs. In the UK, it reached 10% for the first time. China threatened with developer collapse. As a result, the ECB cannot influence and raise the key rate. After all, a huge risk of default might happen in other countries.
Cryptocurrency experts predict a drop in bitcoin to 10-11 thousand dollars. And this is quite possible, since the global economy is unlikely to recover quickly. Investors tend to invest in cryptocurrencies only during a increase, in order to definitely make a profit. Many investors are unable to manage funds freely due to the worldwide economic slowdown.
A small number of investors, at the moment, prefer to expect Bitcoin to rise and even buy it at a low cost, hoping for a major growth spurt in the future.