Bitcoin Plunges; Bank of America Says Crypto Bubble Is Popping By Investing.com


© Reuters. Prices of Bitcoin and other major cryptocurrencies plunged on Tuesday

Investing.com – Prices of Bitcoin and other major cryptocurrencies plunged on Tuesday, while a report by Bank of America gathered some attention as it called crypto the greatest bubble in history.

was trading at $6,770.0 by 10:30PM ET (02:30GMT) on the Bitfinex exchange, down 5.2% over the previous 24 hours.

Download Our Free Course Video

Sign up today & get access to our CryptoCurrency Course Library.

, the world’s second largest cryptocurrency by market cap, plunged 3.1% at $398.48 on the Bitfinex exchange.

’s XRP token fell 4.4% to $0.48432 on the Poloniex exchange.

Meanwhile, lost 6.0% to $114.53

A report by Bank of America (NYSE:) was in focus on Tuesday, as the second biggest US bank called Bitcoin “the greatest bubble in history”, and that it is popping.

The virtual currency is following the trend of the other massive asset-price bubbles in history, analysts lead by Chief Investment Strategist Michael Hartnett wrote in a note. Bitcoin has fallen more than 65% since peaking in December at $19,511.

In February, Bank of America warned in its annual filing with the SEC that it could face “substantial” costs as it deals with digital coins, and included warnings about the technology among the “risk factors” for investors for the first time.

“The widespread adoption of new technologies, including internet services, cryptocurrencies and payment systems, could require substantial expenditures to modify or adapt our existing products and services,” the bank said.

The document also said cryptocurrencies could make it more difficult for the bank to comply with regulations by impairing its ability to track the movement of customer funds

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

Related Posts

Add Comment