On June 15, as the cryptocurrency market tumbled, Bank of England Governor Andrew Bailey warned people that they should be prepared to suffer big losses if they decide to invest in digital assets. ‘If people want to invest in these assets, that’s fine, but be prepared to lose all their money,’ he told the British Parliament on Monday.
(Photo via Pixabay)
Bailey thinks people may still want to buy virtual currencies because they have extrinsic value. People value things for personal reasons, but the reality is that these virtual currencies have no intrinsic value.
Bailey watched a cryptocurrency exchange crash again this morning.
It is clear that the status of virtual currencies today is in jeopardy, shaking investors’ confidence in the stability of the cryptocurrency market. In addition to bitcoin, the cryptocurrency market has been hit hard by the crash of the algorithmically stable coin TerraUSD and its sister token luna.
Xiao Lei looked, the real-time price of bitcoin has been close to the node of $20,000, far less than the peak of nearly $70,000, I do not know how many “coin holders” want to hug their heads and cry.
(Photo via Bitcoin Price Quotes)
Two days ago, the virtual currency market suffered a “bloody”, bitcoin fell more than 10 percent in 24 hours, hit the lowest since December 2020. Ethereum has fallen even more sharply, falling below $1,300, a drop of more than 13% in a day. In addition, currencies including Dogecoin, Cardano and others also suffered significant declines to varying degrees.
Over the past 24 hours, more than 170,000 people have placed bets worth a total of $725 million.
Lei learned that the governor of the Bank of England has long been skeptical of cryptocurrencies, warning virtual currency investors two years ago that they should be prepared to lose all their money.
As we all know, virtual currencies, including bitcoin, are volatile, with frequent ups and downs that can wipe out your savings.
(Photo via Pixabay)
On the other hand, China has further “banned” virtual currencies and listed mining as an illegal financial activity. In Xiao Lei’s opinion, there are almost no “overnight rich” people in the world, it is impossible to make a fortune by speculating on currency, those who make a fortune by speculating on currency are either lucky, or they stop when the market is good.
Virtual currency crash is sooner or later, it is suggested that the partners who are still investing in virtual currency should stop immediately.
