The prices of Bitcoin and cryptocurrencies are in trouble this week, and the total market value of cryptocurrencies has fallen from US$2.5 trillion in May to less than US$1.5 trillion. A few days to 30,000 USD per bitcoin. Coinbase co-founder Fred Ehrsam warned that the Bitcoin chart now shows that the 50-day average price has fallen below the 200-day average price. This pattern is called a “death cross.”
He also said that most of the cryptos would be “Not working” and “90% of NFTs will” be “virtually worthless” in three to five years. “Bitcoin’s “death cross”, despite its murky name, seems to be a lagging price. In March 2020, he announced that Bitcoin had soared, which also helped smaller cryptocurrencies reach record highs. “People will try anything.
Ehrsam founded the blockchain investment company Paradigm after leaving Coinbase. In 2017, Bloomberg reported this week, warning that many of these smaller cryptocurrencies would not survive just like there are millions of websites. “Among them. Most of them don’t work. San Francisco-based Bitcoin and cryptocurrency exchange Coinbase went public this year with a valuation of up to $100 billion, but since then, as retailers’ interest and global regulatory pressure eased, its market value has fallen by a third.
Ethereum, the cryptocurrency after the second largest Bitcoin with a market value of 250 billion, is gradually disappearing. time. The Internet computer ICP token fell by more than 90% from its historical high shortly after its launch in May, while EOS, which made headlines when it was launched in 2018, rose by $4.1 billion and its trading price fell by 80%.
NFT uses cryptocurrency technology to tag and sell all types of digital real estate, from works of art to tweets, memes and YouTube videos, which are becoming more and more popular. However, data in recent months indicate that the market is already well below the high point in early May.