Altcoins News
By Jean-Luc Maracon
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Bitcoin is collapsing. The star cryptocurrency has lost 40% since its peak of $126,000 in October.
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The drop brings Bitcoin back to pre-Trump prices. Traders are panicking over this decline that began in November and has been accelerating since. U.S.
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In January, the U.S. Treasury Department launched a major crackdown on money laundering through cryptocurrencies. Binance and Coinbase are seeing their volumes melt away.
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Bitcoin also faces competition. Ethereum and Solana are gaining market share. They're attracting more and more people, eroding Bitcoin's historical dominance.
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On January 15, Kraken suspended its operations following a cyberattack. This added to the instability.
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Five days later, the ECB published a report warning about the risks of cryptocurrencies to financial stability. Investors took this as a warning.
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BlackRock dropped a bombshell on January 28. According to them, institutional interest in Bitcoin is waning. Too volatile, too murky in terms of regulation.
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Grayscale has cut its Bitcoin positions. Down 15% in its flagship fund at the beginning of February.
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Mike Novogratz of Galaxy Digital remains optimistic but cautious: "Bitcoin has disruptive potential, but beware of short-term risks." He spoke from New York on February 2.
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Fidelity is holding firm. The asset manager maintains its Bitcoin positions and believes in the long-term cycle of cryptocurrencies.
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Trading volumes are dropping everywhere. Platforms are seeing their users become more discreet.
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Miners are suffering doubly. First, the Bitcoin price is falling, then electricity costs are soaring. Some are shutting down, others are relocating to cheaper countries.
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Investment funds are divided. Some, like Ark Invest, see a buying opportunity, while others, like Grayscale, prefer to reduce exposure.
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Technical analysis shows Bitcoin below $80,000, far from its October peak. The psychological supports of $70,000 and then $60,000 are in traders' sights.
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Global central banks are coordinating their efforts against cryptocurrencies. The Bank of Japan joined the movement on February 3 by announcing restrictions on crypto investments…
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