NS cryptocurrency market Crashed again during the weekend. The price of bitcoin fell sharply overnight to a low of $41,967.50. over a period of 24 hours, Bitcoin There was a loss of about $10,000, or more than 17 percent. Ether, the coin tied to the Ethereum blockchain, fell by about 10 percent to about $3,500 during the same time frame.
A volatile week in the financial markets fueled a widespread selloff in the cryptocurrency market. Global equities and benchmark US bond yields fell late last week, as data showed job growth slowed in the United States in November. growing number of coronavirus Cases put investors on edge due to new Omicron variants and newly imposed restrictions around the world. The last nail in the coffin was China’s real estate giant Evergrande’s statement, “… there is no guarantee that the Group will have sufficient funds to meet its financial obligations.”
Although the crypto world was in a fix as the price of bitcoin surged above $51,000, analysts agree that this could be a good time for investors to cut crypto. The world’s largest cryptocurrency is down more than 25 percent from an all-time high of $69,000, which hit in early November. Bitcoin has officially entered bear market territory.
Describing the sudden drop in the price of bitcoin as a “natural correction”, Blockchain and Crypto Assets Council (BACC) member Vikram Subburaj said, “Bitcoin surged over 60 percent in the September to November period and hit an all-time -Intermediate high of $69,000. Naturally, a correction was bound to happen as investors pull out some profits. Such corrections happen frequently in the crypto market and will always lead to more growth and new ATH. $60,000 by bitcoin The level is expected to be reclaimed by the end of the year.
Bitcoin Fundamentals: What the future holds for investors
“Bitcoin was trading in a ‘descending triangle’ pattern (bearish pattern), where a downward sloping line served as resistance and a horizontal trendline acted as support (which stood at $53,000). The asset was struggling to break a number of resistances such as the 20-day moving average, a downward sloping trend line, psychological level of $60,000 and it broke a descending triangle pattern on a downside.ZebPay Key Key Revenue Officer, Nirmal Ranga said bitcoin has a strong support area of $43,500 to $38,500 and needs to close and hold above the $50,000 to $53,000 resistance area for a rally.
Cryptocurrency Investors: What to Buy Now
“Investors should fill their positions at $40,000, $30,000 and below because, ultimately, this is a great buying opportunity for long-term buyers. Bitcoin may perform well during a financial crisis or lockdown, as it has seen.” Did it last year too,” said Hitesh Malviya, founder, itsBlockchain.com, India’s first and oldest blockchain cryptocurrency publication.
“This correction in the market gives investors a good opportunity to get good tokens at attractive prices. It is important to note that no one should lump all their funds together. Ethereum below $4000 is a good buy. Algorand and Matic are also good choices after the revamp,” said Edul Patel, CEO and co-founder of Mudrex.
Blockchain and Crypto Assets Council (BACC) member Vikas Ahuja chose Bitcoin, Ripple and Ethereum for investors who are just planning to enter the market.
“Christmas or the holiday season is the time when people are withdrawing money and in December last year bitcoin bookings were around $30,000. Investors should hold or buy as demand will pick up after January.”
Hitesh Malviya said that Bitcoin, Ethereum and Terra (LUNA) are the three cryptocurrencies to consider at these levels.
Disclaimer: The views and investment tips of experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decision.
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