Crypto week at a glance: Bitcoin slips below $30,000; Germany issues crypto tax guidelines

economictimes.indiatimes.com:

Bitcoin fell back below $30,000 after a modest climb Thursday. Bitcoin has been floating across $30,000 over the last few days as crypto and stock markets have struggled to recover from multiple losses for the past few weeks. This price drop comes as the global financial markets have entered bear market territory for the first time since early 2020. There are many contributing factors to the decline in the Bitcoin price. Some include geopolitical crises, rising inflation and shifting US monetary policy. These essential factors have continued to drive extra short-term volatility in the stock and crypto markets worldwide.

Did you Know?

Asia’s first crypto exchange-traded fund (ETF) could be launched in India’s GIFT City this year by Torus Kling Blockchain

The high point of Bitcoin in 2022 so far was in the earliest days of January, when its price hit almost $48,000 on Jan. 2. So far, it has stayed above its late January low point below $34,000. This was the lowest price it had attained in the previous six months. Since the all-time high of Bitcoin in November 2021 of $68,000, Bitcoin has lost almost 40% of its value. Given the history of volatility in the prices of Bitcoin and other cryptocurrencies, the increase does not guarantee a long-term reversal. The price of Bitcoin will keep fluctuating as it is likely to fall back down as it continues climbing. Ben McMillan, CIO at IDX Digital Assets, said that just like all other risk assets, crypto prices in 2022 have been driven disproportionately by the Ukraine war, rising inflation and the Fed Policy. Mcmillan also said that while we are watching crypto prices at highly attractive prices on a longer-term outlook, there could well be a considerable