Bitcoin and cryptocurrency prices continued the sell-off that wiped out nearly $400 billion from the common crypto market in a matter of weeks — despite some bullish expectations for crypto prices.
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Bitcoin Price Dropped Below $50,000 Per Bitcoin Last Week This Morning Heading Downwards, Heading towards the Watched $40K Level and Pulling Back Ethereum, Cardano, Solana, Ripple’s XRP, Binance’s BNB .
Ahead of the latest bitcoin and cryptocurrency sale, billionaire investor Leon Cooperman warned potential cryptocurrency buyers to “use extreme caution” with bitcoin — adding that he did not think it was “very reasonable.”
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Wall Street legend Leon Cooperman said, “I think I would be very careful with Bitcoin.” CNBC. “I don’t think that makes much sense. And if I was worried about the world, gold, to me, would be a better place to store value than Bitcoin.”
However, Cooperman, whose fortune Forbes Estimated at $2.5 billion, he added that he doesn’t understand bitcoin – he blames his age. Hedge fund founder Omega Advisors said, “I say if you don’t understand bitcoin, you are old. I am 78 years old. I am old. I don’t get it.”
Cooperman went on to warn that the US government will eventually oppose Bitcoin. “One thing I know is that it is not in the interest of the US government to increase an alternative to the US dollar,” Cooperman said.
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Last week, El Salvador became the first country in the world to adopt bitcoin as a legal tender, with some expecting other countries to follow suit. However, the historical adoption of bitcoin has done little to boost the price of bitcoin.
Bitcoin has lost about 15% of its value over the past seven days, while Ethereum, the second largest cryptocurrency after Bitcoin, is down 20%. Buzzy’s ethereum competitors including Binance’s BNB, cardano and solana have lost a similar amount as the fear gripping the cryptocurrency market.
Last week, two prominent central bankers, Riksbank Governor Stefan Ingves and Bank of Mexico Governor Alejandro Diaz de Leon, warned that Bitcoin and other cryptocurrencies are at risk of collapse and are not a “good guarantee of value.”