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Caught a bad day?
The price of Bitcoin was cut by $ 7,000 after a 16% drop
The price of the leading crypto currency fell briefly below $ 34,000 this morning - a six-day low.
The negative turnaround in the crypto currency trading trend is recorded against the background of the recovery of the dollar and an increase in US government bond yields
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Bitcoin
Roy Katziri
Monday, 11 January 2021, 08:13
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Back to "sanity"?
Bitcoin (Photo: ShutterStock)
Has the Bitcoin rally stalled?
In the last day, there has been a negative turn in the trend on the crypto stock exchanges, against the background of the recovery of the US dollar following an increase in government bond yields in the US.
The price of the leading crypto currency has fallen by 16% and reached a short time on Monday morning to $ 33,900 - the lowest price of Bitcoin in the last six days.
The daily drop in Bitcoin cut about $ 7,000 from the price of the crypto currency, which only yesterday, Sunday morning, traded at a level of about $ 41,000, according to data from the CoinMarketCap website.
However, shortly after reaching a six-day low, after 7:00 this morning, the price of Bitcoin (NYSE: BTC) rose again to over $ 35,000.
The decline in the price of bitcoin is recorded four days after the currency set its all-time high.
The price of Bitcoin rose last Friday to its highest level ever, $ 41,941, after a jump of more than 40% since the beginning of 2021. Even after the fall in the last day, the price of Bitcoin is still about $ 5,000 higher than its price at the end of 2020, which ended at 29 a thousand Dollars.
And the price is surprising
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Bitcoin: Not the only crypto currency they have fallen in the last day
Bitcoin is not the only one affected by the negative trend in the last day.
Ether, the second most valuable currency in the crypto market, has also fallen about 16% in the last day.
The price of Ether, the currency of the blockchain platform Etherium, approached its all-time high at the beginning of the week, when on Sunday morning it traded at a price of about $ 1,350.
Following the drop, on Monday morning the price of ether (NYSE: ETH) fell briefly to $ 1,031.
Increased demand for bitcoin last six months mainly reflected substantial investments made by financial institutions and public companies in the US. These investors see bitcoin device hedge against inflation and expect an increase in the adoption of Bitcoin worldwide.
Last week, three days before the Bitcoin closer to 42 A thousand dollars, the strategists of the investment bank JPMorgan published a forecast in which they predicted that the price of bitcoin may reach a level of 146 thousand dollars in the long run, as long as it establishes its status as a "safe haven" for investors and as an alternative to investing in gold.
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