{"id":16384,"date":"2023-05-31T17:19:31","date_gmt":"2023-05-31T21:19:31","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/bitcoin-falls-toward-27000-the-price-is-still-ahead-of-itself\/"},"modified":"2023-05-31T17:19:32","modified_gmt":"2023-05-31T21:19:32","slug":"bitcoin-falls-toward-27000-the-price-is-still-ahead-of-itself","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=16384","title":{"rendered":"Bitcoin Falls Toward $27,000. The Price Is Still ‘Ahead of Itself.’"},"content":{"rendered":"
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Bitcoin and other cryptocurrencies were falling early Wednesday, as markets soured on risk assets ahead of the House vote on the U.S. debt-ceiling.\u00a0<\/p>\n

\n Bitcoin
\n was down 2.9% over the previous 24 hours to $27,136. The largest cryptocurrency briefly rose above $28,000 on Tuesday before sharply falling back.\u00a0<\/p>\n

\n

The bill to raise the U.S. debt ceiling faces a House vote on Wednesday. While the legislation now doesn\u2019t include a proposed tax on cryptocurrency miners, its passage and the associated issuance of government debt could still be bad news for the crypto sector.\u00a0<\/p>\n

\u201cIn the mid-term, money is removed from more risky assets, to buy government bonds. The consequence could be an additional slowdown in volumes and liquidity for the stock and digital asset markets, with a potential negative impact on prices,\u201d wrote Matteo Greco, research analyst at Fineqia International, in a research note.\u00a0<\/p>\n

Bitcoin has recovered from the lows reached in the wake of the collapse of crypto exchange FTX but has failed to build on breaks past the level of $30,000. <\/p>\n

A slowing adoption curve after the \u201ccrypto winter\u201d that set in with the collapse of FTX in November last year has left Bitcoin\u2019s price \u201cwell ahead of itself,\u201d according to Jurrien Timmer, director of global macro at Fidelity Investments. <\/p>\n

\u201cBitcoin still has potential as digital gold, but that potential is a lot more modest than it appeared a few years ago,\u201d Timmer tweeted on Wednesday. <\/p>\n

Beyond Bitcoin,
\n Ether
\n \u2014the second-largest crypto\u2014dropped 2.1% to $1,874. Smaller cryptos, or altcoins, were also dropping, with
\n Cardano
\n falling 1.5% and
\n Polygon
\n down 2.7%, as were memecoins, with
\n Dogecoin
\n down 2.2%.<\/p>\n

Write to Adam Clark at adam.clark@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin and other cryptocurrencies were falling early Wednesday, as markets soured on risk assets ahead of the House vote on the U.S. debt-ceiling.\u00a0 Bitcoin was down 2.9% over the previous 24 hours to $27,136. The largest cryptocurrency briefly rose above $28,000 on Tuesday before sharply falling back.\u00a0 The bill to raise the U.S. debt ceiling […]<\/p>\n","protected":false},"author":1,"featured_media":8247,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-16384","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nBitcoin Falls Toward $27,000. 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