According to a CNBC report, the company’s CEO Jeffrey Gundlach says that he will no longer buy crypto in a market downturn. Large investors usually wait for the price of the digital currency to drop to buy cryptocurrencies. A similar trend is seen in crypto whales as well, when large cryptocurrency whales buy that token in large quantities as soon as the price of the token goes down. But Geoffrey refuses to do so.
Jeffrey Gundlach says that he will not buy crypto in the bearish trend of the market because now some steps can be taken by the Federal Reserve which can have a big impact on the market. Investors are frightened by the Federal Reserve’s tough monetary decisions. At present, steps like raising interest rates too high can also be taken to check the rising inflation rate, says the Nomura Economist. Earlier, he had estimated the interest rates to be increased for September as well.
Bitcoin saw a massive 11% drop on Tuesday. It reached the level of $19,855. This day proved to be the most unfortunate day for bitcoin since June 18. Whatever profit had been made in bitcoin before, it became equal after this fall. However, it was trading at a one-month high of $22,800 before the decline. Market experts are speculating that the Federal Reserve may raise interest rates further, so stocks are falling. That’s why investors are increasingly distancing themselves from crypto.
Talking about the current price of bitcoin, today its trade opening on the Indian exchange Coinswitch Kuber has gone down. Bitcoin is down 1.67% today. Bitcoin price in India was trading at ₹15,90,717 at the time of writing this news.
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