Bitcoin is a bubble with 'no inherent value and is terribly overpriced,' top economist Steve Hanke says
A bubble exists when investors perceive the current price of an asset to be much more than what it should be, based on its long-term, underlying qualities. It's typically marked by a rapid escalation of an asset's price to such highs that it becomes unsustainable, causing it to collapse in value.
to around $27,380 from a peak of more than $31,000 reached in mid-April. It rallied 88% through the first 3 1/2 months of the year amid optimism that an end was in sight to the Federal Reserve's interest-rate increases.senior cryptocurrency execs warned about regulatory stasis in the US . The Securities and Exchange Commission and other watchdogs have cracked down on major crypto exchanges including Binance and Kraken.
The collapse of crypto-friendly lenders Signature and Silvergate Capital amid the still-unresolved banking turmoil has also undermined investor sentiment in the digital-asset sector.
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