107.9FM NYJ/LA

HOT 103.1 FM HOUSTON

Instagram





 Robinhood Logo

Invest, spend, and earn 2.05% APY*–all through your brokerage account.
Our goal at Robinhood is to democratize finance. This means delivering products that help you do more with your money and improve your life. Today, we're excited to introduce Cash Management, a new feature to give you more flexibility with your brokerage account.
JOIN THE WAITLIST
Flexible Spending
Use your Robinhood debit card anywhere Mastercard® is accepted around the world.
 
Earn 2.05% APY
Your uninvested cash is moved to banks in our program that pay you 2.05% APY*. Like all variable rates, this could go up or down over time.
 
FDIC Insurance
Your cash in the program banks is eligible for up to $1.25 million of FDIC insurance, or up to $250,000 per bank, subject to FDIC rules.
 
75,000+ ATMs
Don't pay fees at any of the 75,000+ ATMs in our network.
JOIN THE WAITLIST





For the next two weeks, you can earn increasing levels of Stock-Back™ rewards when you shift your everyday spending to your Stash debit card.* 

Every qualifying swipe over $5 gets you closer to leveling up your Stock-Back rewards. Levels start tomorrow and reset to zero on Monday, November 18.


Follow Us

 

Translate This Page

Why Bitcoin, Dogecoin, and Ethereum Keep Dropping

Posted by Rich Smith on Thursday, July 15, 2021 Under: 848FINACE
RELATED QUOTES

Why Bitcoin, Dogecoin, and Ethereum Keep Dropping© Provided by The Motley Fool Why Bitcoin, Dogecoin, and Ethereum Keep Dropping

What happened

It's Tuesday, and for the second day in a row, cryptocurrencies are going down. In 10:30 a.m. EDT trading today:

  • Bitcoin (CRYPTO: BTC) has slumped 1.6%;
  • Ethereum (CRYPTO: ETH) is down 2.6%;
  • and Dogecoin (CRYPTO: DOGE) is doing worst of all -- down 3.7%.

So what

Why is that? As we saw last week, and as we saw yesterday, the answer appears to be government regulation and action -- not just in the U.S. but around the world.

shape: Red stock market chart with arrows pointing down and a Bitcoin symbol.© Getty Images Red stock market chart with arrows pointing down and a Bitcoin symbol.

In the United Kingdom, authorities just announced a "significant" operation to seize what they called laundered "proceeds of crime" in the form of cryptocurrency, according to CNN. In what the news organization is referring to as Britain's largest-ever seizure of cryptocurrency -- and one of the biggest seizures anywhere, ever -- London's Metropolitan Police confiscated $249 million worth of crypto (without divulging which kinds, specifically) allegedly linked to international money-laundering operations.  

And although no one can fault authorities for investigating and confiscating any ill-gotten gains, the fact that police forces around the world are working to trace these funds suggests that crypto's untraceability and anonymity -- two big reasons why cryptocurrency got popular in the first place -- are now no longer assured.

Nor is the U.K. the only source of headaches for crypto traders. In South Korea, Reuters reports that a law passed in March will require cryptocurrency exchanges to "partner with banks" and obtain a "security certificate" from the government if they want to keep doing business. The more regulations government piles onto crypto, the less attractive it might be to users -- and the more expensive it will become.  

Now what

Indeed, it seems traders' enthusiasm for cryptocurrency may already be waning. According to data from the largest crypto exchanges, trading volumes for Bitcoin, Ethereum, Dogecoin, and other forms of cryptocurrency "fell more than 40% in June," as CNBC reported yesterday. 

"Half the market is gone," a crypto research analyst told CNBC. And with buyers now in scarce supply, there's less bidding to drive prices higher -- or even support them where they're at. Result: Cryptocurrency is now heading into the third month of a "two-month correction period," according to CNBC. Since early May, for example, the value of Bitcoin has fallen 44%.  

SPONSORED:

10 stocks we like better than Bitcoin

When our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*

They just revealed what they believe are the ten best stocks for investors to buy right now... and Bitcoin wasn't one of them! That's right -- they think these 10 stocks are even better buys.

See the 10 stocks

 

*Stock Advisor returns as of June 7, 2021

 

Rich Smith has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Bitcoin. The Motley Fool has a disclosure policy.

In : 848FINACE 


Tags: why bitcoin  dogecoin  and ethereum keep dropping 


Flag Counter
Flag Counter

Make a free website with Yola