Business News Asia
The bitcoin price rose 1.59% today (June 22) to settle at $20,501.06.
Bitcoin’s uptick this morning came after the Dow Jones Industrial Average closed up 641 points on Tuesday (June 21).
- Dow Jones Industrial Average rose 641.47 points or 2.15% to close at 30,530.25 points.
- The S&P 500 rose 89.95 points, or 2.45%, to close at 3,764.79 points.
- The Nasdaq rose 270.95 points, or 2.51%, to close at 11,069.30 points.
Movements in the Crypto Space
Vitalik Buterin, the creator of Ethereum, explained that the current crypto volatility does not affect Ethereum. He said that they are familiar with the market conditions that are always up and down and warns short-term investors to be careful when investing.
Ethereum’s market price has fallen from a peak of $4,500 to $1,000 in 2020.
Since Ethereum’s inception in 2014, Buterin has seen the price fluctuate during its worst losing streak. In 2017, Ethereum hit an all-time high of $1,500 and fell below $100 the following month.
Buterin is not concerned about negative market pressure and wants to highlight the volatility in the crypto market, which is different from the NFT.
However, he cautions that investors who want to invest for short-term speculative purposes and make quick profits should be cautious. He believes that Ethereum can be a more useful digital currency than financial applications that can be extended to other platforms.
The Spot Market is Open
Wednesday, June 22, 2022