According to analysts, the total value of cryptocurrencies has dropped to $921 billion, which means that there is reason to talk about new lows for October. At the same time, bitcoin showed the worst trading results. On the morning of October 11, its price - $19,000.
Experts attribute the fall in prices to a wave of sales on the market. The US NASDAQ stock index hit a low that has not been seen since the start of the Covid-19 pandemic.
According to investors, inflation cannot be prevented by raising rates. Such a mechanism deprives financial systems of investment. As a result, companies and miners are forced to sell assets quickly to cover costs. It also puts pressure on the market.
Rising inflation is directly related to the jump in energy prices. For example, the OPEC oil cartel creates an artificial deficit to keep the price of a barrel down.
In addition to energy resources, there is an increase in food prices on commodity exchanges. Also, the IMF forecasts negatively affect the market. According to the head, until 2026 a fall in the economy will be.
Despite the negative forecasts, BTC has learned to stay on the sidelines while updating new lows in the market. Otherwise, the price of Bitcoin would be at around $12,000.
The wave of sales is associated with the signing of the MiCa cryptographic structure. The final vote for this project will be taken at the end of this month. The new rules are aimed at tightening the regulation of stable tokens.
