Crazy Bitcoin, shocking the global market! In less than 24 hours, Bitcoin sank all the way from its record high of $42,000, quickly falling below the $40,000, $35,000 mark, and at one point below $33,000, a drop of more than 20% in 24 hours.
After a long period of growth, Bitcoin and other digital currencies fell back in price on Monday, and as a result, the cryptocurrency market lost more than $170 billion in 24 hours, according to CNBC.
The total value of the cryptocurrency market is now $959 billion, compared to $1.1 trillion the day before. The price of Bitcoin, the largest cryptocurrency in terms of market value, is around $34,380. However, the price of bitcoin is still 3.4 times higher than it was a year ago ……
Speaking to CNBC, the executive manager of investments and trading at Babel Finance said, “The change we’re seeing is expected as we think the jump in the price of bitcoin from less than $20,000 to $40,000 in the last four weeks should put pressure on sellers.”
There are a number of reasons for the rapid rise in the price of bitcoin, including an increase in the number of large institutional investors buying bitcoin. Bitcoin has also been described as “digital gold,” a potential safe haven for capital and a hedge against inflation.
According to economist David Rosenberg of Rosenberg Research, Bitcoin is a bubble that could burst at any time.
On Friday, Bank of America analyst Michael Hartnett wrote in a report that bitcoin has surged 180% in the past two months, and the entire digital currency market has surpassed $1 trillion in market capitalization. If we visualize the bubbles of recent decades, there is no doubt that Bitcoin is the “mother of all bubbles.
On Sunday, Howard Wang, who was an analyst at Bridgewater, the world’s largest hedge fund, wrote an article saying that Bitcoin is a huge bubble.
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