Bitcoin Price Falls: The world’s largest cryptocurrency, bitcoin, has been falling for over a month now after hitting a record high of $69,000 in October this year. According to reports, during this week, bitcoin and cryptocurrency prices have fallen sharply and the crypto market has lost $1 trillion of its value since its November peak. Reports have also suggested that Bitcoin’s five consecutive weeks of decline, along with other riskier assets, is the result of central banks being aggressive about inflation. Although the price of a unit of bitcoin rose to $47,000 on Saturday, December 18, it remained below $46,000 the day before.
On Friday, the bitcoin price fell by 4% to $46,501. According to a Bloomberg report, since reaching a record high of around $69,000 on November 10, bitcoin prices have fallen by about 32 percent. However, the crypto coin is still up 60 percent this year. Not just bitcoin, other major cryptocurrencies such as Ether, Binance, Solana and Cardano have declined over the past few weeks as global banks tighten their policies. According to experts, the bitcoin price was destined to correct as it reached its peak.
“Bitcoin rose more than 60 percent in the September to November period and reached an all-time high (ATH) of $69,000 in the middle. Naturally, a correction was bound to happen as investors pull out some gains. Corrections of K are frequent and this will always lead to more growth and new ATH. Bitcoin is expected to reclaim the $60,000 level by the end of the year,” said Vikram Subburaj, CEO and Founder of Geotas Technologies.
“The historically present downward trend at the end of the year continues to slide in price,” Bloomberg quoted a team of Grayscale researchers, including David Grider, as saying.
And that may be true in the long run. Although volatile, bitcoin was priced at $47,174.70 on Saturday, 18 December – higher than the day before. However, bitcoin price has remained below $50,000 for some time.
“Investors will benefit from investing in a market that has improved. In the medium to long term, prices are expected to rise steadily. We encourage all investors to buy cryptocurrencies according to their portfolio weight, with high allocations for bitcoin and ethereum, the blue chips of crypto, followed by other altcoins,” Subburaj said.
Bloomberg said in its report, “Bitcoin prices are declining as banks prioritize “fighting against increased inflation by tightening monetary settings.” Lenders eye newly emerged COVID-19 variant, Omicron which is slowly spreading across the country. The world. It has also frightened crypto investors, which ultimately resulted in the collapse of bitcoin.
“The market is not in year-end mode, although one can certainly see it around the corner,” ZebPay Trade Desk said.
“The cryptocurrency has traded softly so far this week, with BTC falling below $46k on Tuesday. Bitcoin price lost the $47k support, and altcoin price fell by 25% in a matter of moments, temporarily Having said that, it has not been a solid rally by any means and the crypto market seems to be trading sideways. BTC price fell 8.2% over the past week, but it also outperformed the broader altcoin market.”
Vikas Ahuja, CEO, Crosstower India, asked investors to hold or buy bitcoin as demand would pick up after January.
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