Daily crypto: Chairman of Federal Reserve critical towards cryptocurrencies and increased trading volume in bitcoin

Daily crypto: Chairman of Federal Reserve critical towards cryptocurrencies and increased trading volume in bitcoin.

Image source: Shutterstock / Trijo News

Christian Ploog

christian.ploog@trijo.co

Yet another billionaire investor has made bullish comments about bitcoin, and the trading volume for the cryptocurrency has risen sharply during this week.

The chairman of the American Federal Reserve, Jerome Powell, recently spoke in front of members of the United States Congress. He then warned of cryptocurrencies and told members of Congress that they are not a good investment for “relatively unsophisticated investors”.

He also said that cryptocurrencies are not real currencies because they, according to him, have no intrinsic value.

“There are investor and consumer protection issues as well”, Powell said in front of Congress, according to CNBC.

New bullish comments about bitcoin

Another billionaire has expressed a bullish opinion about bitcoin. This time it’s Marc Lasry, co-founder, chairman, and CEO of Avenue Capital Group, an investment firm that manages $9.6 billion in assets.

He recently said that he has invested around one percent of his personal fund in bitcoin and that he believes that the price of the cryptocurrency could reach $40,000 at some point, Coindesk writes.

Increased trade volume

After Tuesday’s rally in bitcoin, trade volume also reached really high levels.

On Monday, the trade volume in bitcoin was down at $2.92 billion. Such low levels have not been seen since the beginning of November 2017. However, during the week’s price rally, trade volume rose to $5.9 billion, equivalent to an increase of over 100 percent, according to Coindesk.

Prices show red numbers

Looking at the prices in the last 24 hours, we find that several of the largest cryptocurrencies have gone down. The ones that have decreased the most are xrp (+5,96%), bitcoin cash (+5,60%), ethereum (+4,52%) and eos (+4,21%).

The price of bitcoin (+0,78%) has only gone down marginally.

The best-performing cryptocurrencies were kin (+9,57%) and stellar (+8,13%), and the worst-performing were aion (-10,34%) and loom network (-10,00%), according to Coinmarketcap.

Asset: Price: % (24h)
Bitcoin $7 332,53 -0,78%
Ethereum $477,60 -4,52%
Xrp $0,480298 -5,96%
Bitcoin cash $815,47 -5,60%
Eos $8,47 -4,21%

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