It’s been oddly flat in the cryptocurrency markets lately, with the price of Bitcoin (BTC) floating around $20k for ten straight days.
However, the market leader by total value yesterday dropped below $19k for the first time since late July and is still there this morning, changing hands for $18,777 – a 5.74 per cent drop over the past 24 hours.
The price of Ethereum, the second-largest cryptocurrency by market cap, has outpaced Bitcoin ahead of its upcoming update, which is scheduled to take place sometime next week. However, despite growing excitement about the so-called ‘merge’ event, it has also seen a significant dip this morning, dropping almost nine per cent to $1,517. Can it now get back on track?
The ongoing global inflation crisis is still generally looming large. Bitcoin is often referred to as a store of value, but has not managed to prove its resilience to inflation so far this year, with institutional investors still apparently treating it as a riskier asset akin to tech stocks. It’s always best to zoom out in these moments and think about your long-term financial plans. Make sure that whatever they are, whether that’s buying, selling, or holding tight, you’re sticking to the strategy that’s right for you.