January 4th Cryptocurrency Market Update
January 4th Cryptocurrency Market Update 2022.01.04 16:55 KOK MEDIA
[Bitcoin Decline]
The coin market is not recovering despite improvements in the U.S. stock market. According to CoinMarketCap, Bitcoin prices fell 2.26% from the previous day to $46,209. This is down more than 9% from a week ago.
However, the hash rate reached an all-time high of 203.5 EH/s on the 2nd (KST), suggesting that the price may rise in the future. The rate is up 217% from last June's 69.11 EH/S when China cracked down on mining, leading to subsequent large-scale facility relocation. The hash rate is an indicator that refers to the total amount of computing power mobilized to mine Bitcoin. As the mining difficulty increases, the supply decreases and the price rises.
[New York Stock Exchange]
The New York Stock Exchange strengthened on the first trading day of the year. Tesla's stock price soared more than 13% and Apple's market capitalization surpassed $3 trillion for the first time in history, boosting investor sentiment.
According to Market Point on the 3rd (EST), the Dow Jones Industrial Average closed at $36,585.06, up 0.68% from the previous day, and the S&P 500 closed at $4796.56, up 0.64% , both hitting all-time highs. The tech-heavy NASDAQ Index rose 1.20% to $15,832.80. Treasury bond yield surged to 1.642% and continued to soar throughout the day.
[Expert Opinion]
Given the current trend, some experts still predict that there are risks present in the cryptocurrency market.
Professor of finance at Sussex University Carol Alexander said that Bitcoin has no fundamental value and expressed a negative perspective that it will fall to $10,000 in 2022.
Additionally, Swiss investment bank UBS warned that if the regulatory environment for cryptocurrencies changes rapidly, the value of BTC may converge to zero.
On the other hand, Bitcoin maximalist Max Keiser predicted that it's going to reach a pie-in-the-sky target of $220,000 this year. According to cryptocurrency media outlet U.Today, Kieser predicted the price rise based on his older theory that the price of the highest cryptocurrency tends to follow the network's hashrate. He said that the negative news such as China's mining ban is a temporary problem and that BTC's fundamentals are improving.
[Disclaimer]
This feed is intended to convey more information only and does not represent the views of KOK. All or part of the feed content does not guarantee or promise the completeness of the document. Please check the relevant information directly.
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