Cryptocurrencies fell. Is it possible to make money from it? Don’t sell, but buy, advise HN analysts – HNonline.sk

Coins with the Bitcoin logo. PHOTO: Reuters Cryptocurrencies experience a steep fall throughout the year. What is causing bitcoin and ethereum to lose large percentages of their value? Is it time to buy cryptocurrencies or should we get rid of them? HN brings analyst recommendations for investors in the crypto world. Cryptocurrencies were created to serve as a certain alternative to the current financial system. Bitcoin was meant to be a deflationary currency by nature, as there is a fixed amount that will be mined, and the difficulty of mining it keeps increasing over time. “This is also why cryptocurrencies initially did not respond to almost any macro news, inflation data and the like, it was simply an asset that lived its own life,” says XTB analyst Tomáš Vranka. But the more popular and larger cryptocurrencies become as a whole, the more noticeable it is that they move like some other classic assets, like stocks. And it was precisely this effect that crypto-currency fans felt at the beginning of this week. The value of the most popular cryptocurrency, bitcoin, fell below the $19,000 mark for the first time in two months. It was a loss of more than five percent in 24 hours. The price of one bitcoin is currently around $18,800. Competitor ethereum, on the other hand, lost almost eight percent in a single day and can currently be bought for around $1,500. What’s Dragging Crypto Down and Why This article is for subscribers only.
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