Cryptocurrency Prices Dump As Geopolitics Triggers Risk-off
Cryptocurrency prices dumped on Friday as rising Middle Eastern tensions triggered risk-off panic selling across financial markets.
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Cryptocurrency prices dumped on Friday as rising Middle Eastern tensions triggered risk-off panic selling across financial markets.
Last week, the US SEC approved ETFs based on bitcoin, a move that sent cryptocurrency prices soaring worldwide. Das has steadfastly maintained over the years that cryptocurrencies pose immense threats to currency and monetary stability and could be the source of the next major global financial crisis.
Bitcoin prices rose by a whopping 165 percent in 2023, moving slowly towards its all-time high of $68,789 in Nov 2021. Other digital currencies, too, shone brightly.
Crypto investors are growing optimistic that the Securities and Exchange Commission will approve an exchange traded fund, or ETF, that tracks the price of bitcoin, analysts said. The fund would trade on traditional stock exchanges and offer an easy way for people to invest in cryptocurrencies, potentially bringing a wave of money into the industry.
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