Bitcoin market shows unusual moves as price halves from its peak
RNZ analysis shows the Bitcoin price has halved from its peak, with some analysts blaming the Elon Musk-centred social media hype machine. The crypto market decline is affecting Australian and New Zealand retail investors.
RNZ analysis shows Bitcoin has lost about 50 percent of its value over the past six weeks, dropping below 60,000 dollars. Auckland-based crypto exchange Easy Crypto Chief Executive Janine Grainger said New Zealand retail investors are trading based on social media predictions and that the price swing is generating losses. Easy Crypto said 18 percent of its user base closed positions at a loss over the past three months.
RNZ Business analyst Susan Edmunds, citing Elon Musk's posts on X that move crypto prices, said social media influence creates particular sensitivity in smaller markets such as Australia and New Zealand. The report noted that the Australian regulator ASIC and the New Zealand Financial Markets Authority are weighing social media disclosure guidance.
According to Reuters, global crypto market capitalisation has shrunk by 280 billion dollars on the week, with Ether down 22 percent. JPMorgan analyst Nikolaos Panigirtzoglou highlighted weak liquidity conditions in the crypto market. This is not investment advice.
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