In the past few months, bitcoin has moved in the vicinity of $20,000 and the ether in the $1300.To the relative stability that could be interpreted as a sign that the crypto winter has already passed, but that, in reality, would come to see that thecryptocurrency sector they are immersed in an ice age.
This situation is the result of a concatenation of events.On the one hand, the technology sector has been affected by rising interest rates that have been carried out by the US Federal Reserve (Fed, for its acronym in English), in an attempt to control inflation.However, this decision you've hurt even more to the cryptocurrencies, whosemarket capitalization has grown from $3.2 trillion to less than $1 trillion.This collapse has also contributedto the collapse of the token moonand the stablecoin terraUSD.
Nor has it helped too muchthe adoption of bitcoin as an official currency in El Salvador has failedand, much less, the fact that cryptocurrenciesnot be acting as a store of value against inflation, when that was one of the main arguments made by the supporters of these digital assets.
Even the implementation of Merge,the upgrade of Ethereum, has failed to regain the interest of the investors and that's that supposed to leave the mined 'proof of work' for the validation 'proof of stake', which in practice allows you toreduces 99% of your energy consumption.
Also, the price of bitcoin has finished casting the bears, who have been replaced by long-term bullish investors.This slowness has been felt in the use of bitcoin for transactions: in the last six months,it has only been used 22% of all the units of this cryptocurrencyto make exchanges, according to data from Morgan Stanley that collects theFinancial Times.
However, not all are so pessimistic.For example, BlackRock is associated with the full crypto winter with Coinbase to provide sti customers with access to digital assets, arguing that it was seeing a "substantial interest" on the part of the institutional clients in this market.More recently, Nasdaq announced thelaunch of a cryptography service, although this will not occur until there is greater clarity on regulations.
Musk shoots the price of dogecoin
Another digital asset that has been in the news this week has been the dogecoin.After months of to-ing and fro-ing, threats of judgment and others, Elon Musk has finally formalized the purchase of Twitter, which has skyrocketed theprice of this meme token at 72.45%, going from 0.060 to 0.10 dollars.
What would have boosted the price of this meme token would be the rumor that, as a result of this acquisition, Twitter could have a crypto wallet in the future to make deposits and exchange cryptocurrencies . It seems logical to think that this could come to fruition, since Musk''s other companies, Tesla and SpaceX, already allow users to use dogecoin for some transactions. However, at the moment it is just speculation.
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