Cryptocurrency prices continue to fall because buying demand is absent: CEO
Pankaj Balani, CEO of Delta Exchange, a crypto derivatives exchange, says interest in owning bitcoin risk at $40K is low
Bitcoin prices continued to tumble Tuesday, one day after stock and bond markets were closed in the U.S. for the Martin Luther King holiday.
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Bitcoin was trading at around $41,800 early Tuesday, down 2.04% overnight. Rivals Ethereum and Dogecoin were trading at nearly $3,160 (-3.13%) and 16.8 cents (-0.56%), respectively.
Pankaj Balani, CEO of the crypto derivatives exchange Delta Exchange, said bitcoin is vulnerable to falling further because buying demand is absent, Coindesk reported late Monday.
Bitcoin prices continued to tumble Tuesday, one day after stock and bond markets were closed in the U.S. for the Martin Luther King holiday. (Rafael Henrique/SOPA Images/LightRocket via Getty Images)
"We are not seeing any bottom fishing at these levels, and the interest to own bitcoin risk around $40,000 remains low," Balani told CoinDesk's Omkar Godbole in a WhatsApp chat. "We could retest $40,000 and should that break, we can see a fresh round of selling come through."
In other cryptocurrency news, a nonprofit organization in Arkansas is offering remote employees $10,000 in bitcoin to relocate to the state. Thousands have already applied.
The Northwest Arkansas Council is offering the money as part of the NWA Council's "Life Works Here" campaign, which is funded by the Walton Family Foundation.
"We announced our Life Works Here incentive program in November 2020 that offers $10,000 and a bike to STEAM professionals interested in moving to Northwest Arkansas," council communications director Nate Green told FOX Business. "On Wednesday, we announced a new spin on the program. Participants can now choose to get the $10,000 in Bitcoin. This move was designed to attract more participants in blockchain technologies to help build up the region’s tech economy," Green said.