Is the bubble about to burst for Bitcoin? | Inside Story
Is the bubble about to burst for Bitcoin?
It lost half its value on Friday, with other cryptocurrencies dealing in the red.
Bitcoin, the mother of all cryptocurrencies, has lost almost half of its value in just a few hours.
It reached an all-time high of more than $65,000 last year.
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But on Friday it dropped below $35,000 for the first time in months.
And it is not just Bitcoin. Some of the biggest names in the blockchain have been trading in the red.
Some blame Russia’s Central Bank, which proposed on Friday a ban on the trade and mining of cryptocurrencies.
A ban by China last September had a similar effect.
But a US Federal Reserve decision to increase interest rates was already having an effect before the Russian announcement.
What does that say about the global economy?
Presenter: Hashem Ahelbarra
Guests:
Naeem Aslam – Chief market analyst at AvaTrade
Zennon Kapron – Director of Kapronasia and author of Chomping at the Bitcoin: Past Present and Future, Bitcoin in China
Brian Lucey – Professor of international finance and commodities at Trinity Business School