Black Friday: The downtrend in cryptocurrencies is led today by bitcoin, which after reaching its all-time high of 64, 00 $ 0 now collapses below 50, 00 0
Photo: Karolina Grabowska / Pexels
Monday, November 18
The fall of bitcoin is coming, what the experts say
The volatile virtual money market once again surprises by closing this Friday in red with several cryptocurrencies . Topping the list of losses is bitcoin, the most popular currency that came to capitalize to below the 57, 00 $ 0 per unit. Losing up to 24, 4%, drop which according to analysts and enthusiasts is the steepest bitcoin has had so far.
In the week the fall exceeds the 20% but so far this month bitcoin has fallen by 18% , which makes its capitalization less than a trillion dollars, standing at 85, 00 0 million.
This downtrend started after Coinbase will debut on Nasdaq, which has brought a lot of confusion and has led some analysts to talk about the total collapse of bitcoin in that of the currency with the best going lor.
JP Morgan considers that if the impulse signals that are being tried cannot be recovered, it may collapse. For his part, the reputed analyst Scott Minnerd , rather he speaks of a “major correction” on the way.
Minnerd estimates that bitcoin could suffer a crash of 50%, which would lower its price between 20, 00 0 and 29, 00 $ 0. Fall that considers a “normal evolution within a long-term bull market”.
The truth is that neither the graphs nor the experts predict anything good for bitcoin, the upward momentum that was talked about a week ago is evaporating. And this fall had a negative impact on other currencies, especially the main altcoins.
The price of the other cryptocurrencies:
- Ethereum: u $ s2. 264, 61 (-8, 000%)
- Tether: u $ s1, 000 (0, 00%)
- XRP: u $ s1, 10 (- 14, 34%)
- Bitcoin Cash: u $ s 795, 27 (- 13, 19%)
Although the upward trend in the market remains unbroken, there are many factors that may be contributing to these latest declines and they are not only inexpensive. One of them is the fear or prudence of investors in the face of a regulation by the Joe Biden government, due to rumors that the Treasury Department comes with tougher regulations.
President Joe Biden this Thursday discussed a series of proposed changes to the United States tax code and a plan to nearly double taxes on capital gains by 39 .6%, for those who earn more than a million dollars.
On the other hand, China had an electricity problem; in Turkey since 30 April the use of cryptocurrencies will be strictly prohibited; Also in China there is talk of a possible digital Yuan; in the same way that the United States government has referenced its studies to create a digital dollar.
So far this year 2021 bitcoin has appreciated by 117%, if we take into account that at the end of the year 2020 was listed on 29, 00 0 dollars. An important advance that has materialized, even despite regulators and central banks.
You may also like:
What are the best programs to calculate taxes on your cryptocurrencies
We recommend you
