Bitcoin dropped 13% after 2021 boom

Does one who goes up also come down? Bitcoin investors may ask themselves the question that cryptocurrency fell sharply on Monday.

Bitcoin btcusd price,
According to the prices quoted by CoinDesk, the final was up 13% to $ 35,600. The loss was also seen on Sunday, when bitcoin rose from about $ 41,000 to over $ 35,000, briefly bouncing before its descent was renewed.

The action follows a spirited buyout last week that pushed bitcoin to a near $ 42,000 high. Despite fresh sales, cryptocurrency is up 22% so far for 2021, beating 1.8% for S&P 500 SPX,
+ 0.55%,
1.6% for the Dow Jones Industrial Average DJIA,
+ 0.18%
And 2.4% for Nasdaq Composite,
+ 1.03%.

Fellow cryptocurrencies have also seen a similarly rapid start to the year with Ethereum’s Ether ETHUSD,
50% and Litecoin LTCUSD,
Achieving 15%. But those assets have seen a 16% and 20% drop in the last 24 hours respectively.

Institutional investors are helping to drive the recent rally, and fans of the digital currency are confident that bikini profits may be higher than the 2017 boom, which saw prices climb from around $ 1,000 to $ 17,000, only 2018 to reverse the end of your profit.

Bitcoin enthusiasts believe the asset may be better this time, as it was to help economies overcome the deadly coronavirus epidemic in 2020 through central-bank money printing.

The 24-hour sales combat is nothing more than an overdue “healthy improvement”, Avatrade chief market analyst Naeem Aslam told customers in a note on Monday.

“Bitcoin prices are likely to get their support between $ 28K to $ 30K. This is not the time to panic, but to look at the occasion from a more optimistic lens as the bull run is not over yet, and it is still likely to make its journey upside down, ”he said.

However in a “The Flow Show” report released last week, Bank of America questioned whether the price move of bitcoin “represents the mother of all bubbles.”

Meanwhile, JPMorgan strategists have recently set a price of $ 146,000 for the digital currency, if it can keep investors away from the gold GC00,
+ 0.52%
Like an asset.


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