Bitcoin cryptocurrency continues its decline; To decrease by 6.8% to about 32,359 dollars before reducing some of the losses today.
According to Arabiya Net, the digital currency is heading to its worst week since March of last year, a drop that raised questions about the prospects for the cryptocurrency to flourish.
After reaching the $ 42,000 level on January 8th, the cryptocurrency fell to its lowest level at $ 30,300 before recovering some of those losses.
price fluctuations stir memories of the December 2017 Bitcoin bubble which was followed by a rapid crash. Perceptions that Bitcoin is maturing are also being tested as a hedge against dollar weakness and inflation risks, and attracting long-term investors.
an alternative view is that quick money seeking quick gains helped drive a quadruple of Bitcoin over the past year, leaving the rally at risk of these investors pulling back as they retreated Momentum.
StockCharts chief technical analyst Julius de Kempinire said taking profits after an asset - that is, an asset, not just Bitcoin - has doubled in three weeks is understandable Exactly.
the tremor caused the total market value of cryptocurrency to be reduced to about 930 billion dollars, less than a week after it crossed a trillion dollars for the first time.
In the midst of this divergence of opinion, JP Morgan strategists said, Bitcoin could reach $ 146,000 in the long term because it competes with gold as an asset class if it is Swings in digital assets are moderate enough to attract more institutional investors.
eyes on the dollar
Some analysts are watching to see what happens to the dollar as they try to determine the path to cryptocurrencies.
Bitcoin may have crossed $ 40,000 if the dollar index rose to 92 from the current level of around 90, according to Vijay May, head of business development at Luno cryptocurrency exchange in Singapore.
The Bloomberg Galaxy cryptocurrency index is down 2% as of 7:15 am on Wednesday in London.
