“300 billion dollars have been wiped off the market capitalization ofand cryptocurrencies. Bitcoin has taken a dip 10% today and is currently trading at $52,500.
Cryptoassets in trouble, oversold signals
Ethereum fell by 14% and is currently trading at $2,300, its lowest price since January of this year. Ethereum’s decline was compounded by the transfer of 17,576 Ethereum ($46.78 million) by Jump Crypto nin the last 24 hours on centralized exchanges, signals of potential selling”. So Simon Peters, eToro crypto markets analyst, on the negative trend of the cryptocurrency market.
“Continued fears of creditor reimbursement by the defunct Mt.Gox exchange and Jump Crypto’s intention to liquidate hundreds of millions of dollars of cryptocurrency positions, particularly in Ethereum, the expert explains – have exacerbated the cryptocurrency market sell-off”.
Ready to rebound?
Technical indicators, however, are now showing oversold conditions, as well as the Crypto fear and Greed index flashing “Fear”, which is usually a sign of price bottoming, so “we may see a retracement”.bounce from here to the next few daysi, but as far asat the height of such a rebound we have to wait and see.”
Cryptocurrencies, diffusion is growing strongly in Italy
Meanwhile, in recent days the deputy head of the Department of Monetary Circulation and Payments of the Bank of Italy, Massimo Doria, during a hearing at the Finance Commission of the Senate, underlined that in Italy the diffusion of cryptocurrencies is growing strongly They are held by 1.3 million people for a value of 2.7 billion euros.
“In 2022, a survey carried out by the Eurosystem showed that only 4% of the interviewees held crypto assets – he said – according to the same survey in Italy the share of holders was instead2%, unchanged from 2019 and the lowest in the countriesin the area”.
“At the end of June the complex of crypto assets had reached a market capitalization of $2.2-2.5 trillion”Doria reported again. “Of this amount – he added – 93% is the share of unsecured crypto assets, like bitcoindriven mainly by speculative purposes and which involve very high risks with large and sudden fluctuations in value”. These are activities managed with “opaque” procedures, he underlined, “often used for illicit purposes, to conceal the origin of the funds and with limited traceability”.
