Bitcoins rally appears to be running out of steam, at least for now.

The digital currency dropped again Friday, briefly falling below $50,000a decline of more than 20% from its record of $64,829 on April 14.

Bitcoins high coincided with the stock-market debut of Coinbase Global Inc., the biggest U.S. cryptocurrency exchange. The two events marked the pinnacle of a heady rally for cryptocurrencies that began last year. Bitcoins price more than tripled in 2020 and doubled to start 2021 before slipping.

The rally cratered last Saturday when bitcoin suddenly fell as much as 17% to $52,149with half the decline occurring in about 20 minutes. Although it recovered some of those losses by Monday, the price has steadily declined, sitting Friday afternoon at $50,620.

Bitcoins momentum lately has been showing signs of flagging, said Michael Oliver of the research firm Momentum Structural Analysis. Since bitcoin crossed $60,000 in March for the first time, its pace of gains has slowed and it has traded in a relatively narrow range. That was a sign, he said, that the rally could falter, as it finally did over the weekend. We think bitcoins broken for the time being, he said, pointing to technical trend lines.

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Behind Bitcoins Recent Slide: Imploding Bets and Forced Liquidations - The Wall Street Journal

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Bitcoin's big swing in prices over the weekend likely set the stage for a period of consolidation before the cryptocurrency can make another move higher.

The digital currency lost as much as 15% over the weekend, and rival coins like ethereum also fell.

Bitcoin traded around $55,970 at 4 p.m. ET. Some crypto-linked equities were lower. Coinbase lost nearly 2.6%. Meanwhile, Voyager Digital lost 9.6%, and Marathon Digital Holdings lost 8.7%.

"There's been a lot of rumors and speculation about what pushed the market down over the weekend. To me, it's boiled down to excess leverage within the system," said Leeor Shimron, Fundstrat vice president of digital asset strategy. "We've seen it over the last couple of weeks, especially in bitcoin, but it spilled into other asset classes as well."

Shimron said there was a big deposit of bitcoin over cryptocurrency exchange Binance over the weekend, which helped fuel speculation.

"When the sell-off happened this weekend, approximately $5 billion worth of bitcoin contracts was liquidated, and $9.5 billion was liquidated including altcoin markets," Shimron said.

"Notably, this is twice the notional value compared to Black Thursday 2020, when bitcoin's price dropped by ~50% in 24 hours. The fact this sell-off resulted in a drop of just 15% and quickly rebounded speaks to how much the market has grown and matured over the course of the last year."

Bitcoin tumbled below its 50-day moving average in weekend trading and was again below it Monday. The cryptocurrency recently traded close to $65,000, but was at around $55,900 Monday afternoon, according to Coin Metrics.

Julian Emanuel, head of equities and derivatives strategy at BTIG, said he expects bitcoin to trade in a range between $50,000 and $65,000 after the weekend shakeout. He said it could have entered a period of lower volatility while it consolidates before moving higher again.

Emanuel said he is watching the 50-day moving average at around $56,500.

A break below the 50-day moving average for a significant period of time warns of negative price momentum.

"The spike yesterday was to a low of $51,707. I would define it as literally the point of maximum frustration," Emanuel said. "If you're a bull or a bear, everyone has been keying off the 50-day moving average, and we think the best outcome is you stay pinned to the point of maximum frustration so volatility can come in and the price can correct."

"It's our expectation right now and our wish for the long-term health of the crypto market that we have a correction in time whereby both the bulls and the bears are frustrated by the price action," he said.

Bitcoin went on a tear to near $65,000 ahead of the recent Coinbase debut on the Nasdaq, which was seen as a new lure to bring investors into crypto assets. "The least healthy thing would be a near-term break to the downside or the upside for the range we established over the last week," Emanuel said.

Fundstrat's Shimron said he went into the weekend seeing the $60,000 level as the key level bitcoin should hold. But it failed and bitcoin moved closer to $50,000 temporarily

"I would not be surprised to see a greater period of consolidation for the next couple of weeks or so until $60,000 is regained," Shimron said. "We think bitcoin is going to move higher for the rest of the year, even if we consolidate over the next few weeks."

Fundstrat expects bitcoin to reach $100,000 by the end of the year.

Katie Stockton, chief technical strategist at Fairlead Securities, said if bitcoin closes below the 50-day moving average two days in a row, its next move could be to the support level around $42,000.

"I think right now, until we see the decisive breach of the 50-day moving average, we're keeping a neutral short-term bias," she said.

Stockton said on the upside for bitcoin, her next target is $69,000.

She said she is not surprised by the sell-off after the big surge. "It makes sense that any steep uptrend is prone to create digestion," Stockton said.

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After a wild weekend, bitcoin could take a breather before the next move higher - CNBC

Bitcoin is setting up for a near-term downturn that could see it shed a good chunk of its recent gains, even if the longer-term outlook appears healthy for the worlds No. 1 crypto.

Thats the view of a number of analysts after bitcoin prices BTCUSD, +9.25% breached a key technical level following the exuberance for digital assets in the wake of Coinbase Globals COIN, -0.63% listing on the Nasdaq last week.

Bitcoin was off 1.8% late-morning Wednesday in New York, changing hands at around $56,000 on CoinDesk. That puts the crypto about 14% below its all-time peak at $64,829.14.

On Tuesday, researchers at Bespoke Investment Group noted that Tuesday marked bitcoins first time, in a 24-hour period, in which it fell below its 50-day moving average since at least 2014, after recording 193 straight days of prints above that level. Bitcoin was first created back in 2008-09.

Market technicians use moving averages as barometers of bullish and bearish trends in an asset.

Pankaj Balani, CEO of Delta Exchange, in emailed comments, said that bitcoin has managed to hold above its 50-day moving average in recent trade but warned that a sustained breach of the short-term price could lead to a slide to around $40,000.

The 50 DMA has been a crucial support forBitcoinsince October last year and it has held this support every time in this rally. This time around however, we seeBitcoins momentum fizzling out and BTC struggling to hold this support, Balani explained.

The Bespoke researchers noted that bitcoin tends to see declines, in the one-week, one-month, three-month periods, after upward trends lasting at least 100 days are snapped.

One week later, [bitcoin] was down all four times for a median decline of 4.6% and declines all four times. One and three months later, performance was even worse with median declines of 6.5% and 13.4%, respectively, the report read.

Researchers at JPMorgan Chase & Co. JPM, +1.91%, including Nikolaos Panigirtzoglou, wrote in a Tuesday report that waning momentum for bitcoin could spell a spiral lower for the volatile asset. The analysts said a failure to retake $60,000 could be the trigger for a sharp drop.

The JPMorgan strategist point to bearish trends in bitcoin futures markets BTC.1, +3.20%, where institutional and professional investors go to hedge their exposures to the crypto.

Referring to the attached chart, JPMorgan says that the four episodes of greater than a 10% decline in their futures position proxy, including the one over the past few days, have been attributed to an inability to trend higher.

Similar to the previous three episodes, it is likely that momentum traders, such as [commodity trading advisors] and crypto funds, were at least partly behind the buildup of long bitcoin futures in recent weeks and thus also likely behind the unwinding over the past few days, JPMorgan concluded.

If the bitcoin price fails to break out above $60,000 soon, the momentum signals shown in Figure 9 will naturally decay from here for several months, given their still elevated level, the analysts wrote.

JPMorgan researchers arent 100% sure that this time bitcoin will follow a decline with a strong snap back higher as was seen in November and in mid-February. Notably, the analysts say that flows into bitcoin have been tepid and the downturn appears to be gathering steam.

So far this year bitcoin prices have been buoyant, up 94% year to date. By comparison, gold GC00, +0.26%, which is seen as a rival to bitcoin, is down 5.5% in 2021. The Dow Jones Industrial Average DJIA, +0.67% and the S&P 500 index SPX, +1.09% are both up around 11% in the year to date.

Read more:
Bitcoin bears are stalking crypto prices --- here's how low they could go - MarketWatch

For some, it looked like the beginning of the end. For others, it was a great opportunity.

Bitcoins value took a deep dip over the weekend, falling by as much as 15% Sunday on a cocktail of regulatory concerns, power outages in China that limited miningand accusations of overexcitement.

But Bitcoin bulls big and small saw the weekend drop as an opportunity in the shorter term.

Oluwafisayo Williams, a 32-year-old doctor from Sheffield, UK, viewed the drop as a discount. Hestarted investing in cryptocurrencies earlier this year and now says 100% of his investments are in digital currencies. On Sunday, he said he bought 4,800 pounds ($6,710) of Bitcoin and now holds around 27,000 pounds worth.

Its just a matter of conviction, Williams said. If youre not convinced about Bitcoin, you might make the wrong decisions. If I werent convinced about Bitcoin, I might have sold it all.

On Monday, Bitcoin pared some losses and was trading at around $55,000 as of noon in New York after hitting a high of $64,617 on Wednesday.

After a period of relative stagnation, Bitcoins value took off in October as mainstream financial companies embraced crypto. Financial advisers started to feel more comfortable with their clients holding some crypto investments, and wealthy investors and family offices also piled in. On Monday, some money managers for the ultra rich were looking at the upside of a price drop.

Christian Armbruester, founder of the Blu Family Office, bought cryptos on the back of the recent slump for his personal account and also advised the same action for clients of his London-based investment firm, which oversees about $700 million for himself, his family and other wealthy investors.

I bought a bit, said Armbruester, who is planning to set up a dedicated crypto fund for Blu to trade the assets. If you invest in crypto, you have to take the volatility.

Some people, including CNBCs Jim Cramer, have decided its time to cash in. The TV personality revealed last week that he sold some of his Bitcoin holdings although he didnt specify how much, or at what price and paid off a mortgage.

I decided to become an apostate, he said. I know people are going to be angry with me.

There were other signals that other prominent investors thought the coin had gotten overheated during the hype around the public-market debut of crypto exchange Coinbase.

The market got too one way, long-time crypto advocate MikeNovogratz tweeted Sunday, after the price fell. We will be fine in the medium term.

Bobby Console-Verma, founder of London-based technology firm 1fs Wealth, said he isnow exploring buying again with a focus on cryptos outside of the mainstream coins.

Any dip in a market is a potential opportunity, he said. Its a traders delight.

---------

BloombergOpinion

From John Authers

Coinbase is a big moment for the emerging crypto world. It remains worth $68 billion. That is a remarkable badge of approval for the crypto-financial system. This could be a problem. When the most exciting thing to be said about an investment is that it has matured, the chances are that the excitement is over.

+

With assistance by Katharine Gemmell

Before it's here, it's on the Bloomberg Terminal.

Read more:
Bitcoin Price Drop Is a Moment for Some to Buy the Dip - Bloomberg

The value of the cryptocurrency market declined by hundreds of billions of dollars Friday but seems to be recovering at the close of the business week.

Bitcoins hourly price chart on the Bitstamp exchange since April 20.

The price of bitcoin fell over the past 24 hours, with the asset dipping as low as $47,875 around 09:00 GMT (4 a.m. ET) according to CoinDesk 20 data. The price is now retrenching from the loss, at around $50,993 as of press time.

Analysts pointed to U.S. President Joe Bidens proposal to double capital gains taxes on high-income individuals as the catalyst.

My take right now is that the Joe Biden tax has something to do with it. Sellers probably jammed the market, and bids disappeared, said Consantine Kogan, partner at investment firm Wave Financial. U.S. participants are just a portion of the market but probably the wealthiest, both corporate and retail.

Bitcoin broke the $50,000 support, going back to early March price levels with a drawdown of 25%, noted Elie Le Rest, partner at quantitative trading firm ExoAlpha. Holding ground at $50,000 would confirm the accumulation pattern by institutional investors at or below $50,000, leaving room to grow for bitcoin in the coming weeks and months.

Bitcoin had been in the doldrums for most of the week while alternative cryptocurrencies shined as recently as Thursday. But no asset was completely spared during the recent fall.

Total crypto market capitalization, as provided by charting software TradingView, fell from $2 trillion to as low as $1.7 trillion, a $300 billion plunge that exemplifies the fickle nature of blockchain-based assets. As of press time, total cryptocurrency market cap is recovering but still down 1.7% over the past 24 hours.

Total cryptocurrency market capitalization in 2021.

As usual, liquidations, the crypto market equivalent of a margin call on Wall Street, exacerbated the price drop. According to data aggregator Bybt, over $3.4 billion in long liquidations occurred across all cryptocurrencies in the past 24 hours.

Cryptocurrency deviative liquidations across major venues the past three months.

The tumble began late Thursday in the U.S. equities markets, with the S&P 500 falling 0.80% Thursday. Not long after the U.S. market closed, bitcoin began its slide below $50,000.

Darius Sit, partner at quantitative trading firm QCP Capital, noted that larger macro events, such as the fear of higher taxes on traders and investors, cause most markets to work in tandem. When there is a deleveraging event, everything is correlated, he told CoinDesk.

Jean-Marc Bonnefous, managing partner of investment firm Tellurian Capital, highlighted $50,000 per BTC as a key market price point as taxes might still stay front and center in market dynamics over the next month or so.

We are still seeing good BTC support at $50,000, Bonnefous told CoinDesk via a Telegram message. However, [it is] important to mention also as an exogenous factor the possibility of selling as the tax deadline is nearing in May always entertaining for sure.

Ether volumes way up in 2021

Bitcoin and ether volumes the past year.

Ether (ETH), the second-largest cryptocurrency by market capitalization, was down Friday, trading around $2,370 and falling 6.5% in 24 hours as of 21:00 UTC (4:00 p.m. ET).

After making double-digit gains while bitcoin was in the dumps this week, ether has fallen with with the rest of crypto and was doing worse than bitcoin Friday in terms of 24-hour price performance.

ETH usually dumps more, said Stefan Coolican, chief financial officer of investment firm Ether Capital. Whereas yesterday ETH was the outlier in terms of its strength, today is a more normal sight.

This year has seen more liquidity than ever flow into the ether market, and it seems to have occurred around the start of the year, according to data from CoinDesk Research. In 2020, average daily ether volume across exchanges was $12 billion. For 2021 so far, that figure has jumped to $36 billion in ETH volume per day. More liquidity means more traders buying and selling ether, meaning its price could easily rebound in bullish conditions, compared with previous years.

That bullishness could come back. Ether Capitals Coolican termed Fridays bearish-leaning market as temporary after a crazy run-up so far this year.

Generally, the crypto markets have been really robust for the past few months and its not unusual to see some weakness after big runs, he said.

Ether prices are still more than triple where they started the year.

Other markets

Digital assets on the CoinDesk 20 are all in the red Friday. Notable losers as of 21:00 UTC (4:00 p.m. ET):

The CoinDesk 20: The Assets That Matter Most to the Market

See the original post:
Market Wrap: Bitcoin Steadies After $300B Market Cap Dump on Taxation Trepidation - CoinDesk - CoinDesk

Longtime value investorBill Millertold CNBC on Tuesday he believes bitcoin is firmly entering into the mainstream, contending the cryptocurrency's rally in recent months is significantly different from its 2017 ascension and subsequent plunge.

In an interview on "The Exchange," the founder and chief investment officer of Miller Value Partners said he believes bitcoin still has room to run to the upside. The world's largest cryptocurrency by market value traded around $55,800 on Tuesday afternoon. It's already rallied around 90% year to date, according to Coindesk.

"Supply [of bitcoin] is growing 2% a year and demand is growing faster. That's all you really need to know, and that means it's going higher," said Miller, who first started to buy bitcoinaround 2014 or 2015at an average cost of $350 per coin.

However, he acknowledged the historically volatile bitcoin will likely continue to experience sharp price swings, like the one that transpired over the weekend, knocking the digital coin below $60,000. Last week, it reached an all-time high of almost $65,000.

Miller said the rally in 2017 was, in fact, a bubble that ultimately burst. It's different now, he argued, saying, "I don't think this is a bubble at all in bitcoin. I think this is now the beginning of a mainstreaming of it."

Bitcoin saw its price soar in 2017, reaching what was then a record high of nearly $20,000 that December. It went on to fall sharply in the following months, losing about 80% of its value in what's become known as the "crypto winter."

"Even back then during the bubble, it went down 20% on five different occasions so with bitcoin, volatility is the price you pay for performance," added Miller, who managed a fund that beat theS&P 500for 15 straight years while at Legg Mason.

Bitcoin traded below $11,000 as recently as October, but its rally gained steam in the fall and carried over into 2021.

Institutional adoption has been cited as one factor for bitcoin's rise, with companies such as Tesla buying the digital coin using cash on its balance sheet. A pair of major Wall Streetbanks Morgan Stanleyand Goldman Sachs also are taking steps toprovide wealth management clients exposureto bitcoin.

Miller said he shares in the belief held by other crypto bulls that bitcoin is "digital gold."

Scarcity is a fundamental characteristic of bitcoin, with its total supply capped at 21 million tokens. Currently, there are 18.69 million bitcoins in circulation, according to Coindesk. New bitcoins come into the market as a reward for so-called miners, who use high-powered computers to verify transactions across the decentralized network.

"Gold is about a $10 trillion asset category and bitcoin is $1 trillion, and it's infinitely divisible or almost so," Miller said. "It's easily transportable and can be sent anywhere in the world if you have a smart phone so it's a much better version, as a store of value, than gold."

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Bitcoin rally this year is the start of going mainstream, not a bubble, says investor Bill Miller - CNBC

Hello everyone!Welcome to this weekly roundup of Investing stories from deputy editor Joe Ciolli. Pleasesubscribe here to get this newsletter in your inbox every week.

Brian Snyder/Reuters; Michael Loccisano/Getty Images; Samantha Lee/Insider

Hello and welcome to Insider Investing. I'm Joe Ciolli, and I'm here to guide you through what's been happening in markets. Here's what's on the docket:

If you aren't yet a subscriber to Insider Investing, you can sign up here.

Have thoughts on the newsletter? Just want to talk markets? Feel free to drop me a line at jciolli@insider.com or on Twitter @JoeCiolli.

SPAC issuance is down 90% from March as once-hot retail-investor demand wanes and short-sellers have certain blank-check companies firmly in their sights. We spoke to one SPAC skeptic about how he decides which ones to bet against, and another investor shared arbitrage opportunities in the space.

Read the full stories here:

Dan Held is the growth lead at Kraken, the fourth largest crypto exchange by trading volume. He first bought Bitcoin at $10 and began to double down in 2014 after acquiring a "HODL" mindset. He explains how Bitcoin might hit $1 million by year-end and as a bonus lays out what meme token Dogecoin is all about.

Read the full story here:

Online art platform Tappan Collective, which launched in 2012, saw sales double in 2020 as online art sales surged. Co-founder Chelsea Nassib explained why Tappan is now allowing crypto payments and NFT certificates of authenticity. She also shared four art-investing tips to capitalize on the art boom and seven emerging artists to watch.

Read the full story here:

Economists expect the US economy to grow at its fastest pace since 1984 this year. Insider senior correspondent Aki Ito digs into what led to the boom, and what it means going forward for an American populace still feeling the unique effects of a historic downturn.

Read the full story here:

Seeking experts who are willing to name names? Look no further:

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Trading the SPAC Slowdown, $1 Million Bitcoin, Art: Insider Investing - Business Insider

It's been a wild few days for bitcoin.

The cryptocurrency fell close to $52,000 on Sunday, sharply off its record high set last week above $64,800. The sell-off was tied to rumors of a regulatory crackdown in the U.S., a common fear for bitcoin investors.

But, taking a step back, that kind of a move looks par for the course for bitcoin, according to Oppenheimer head of technical analysis Ari Wald.

"Let's put some things in perspective," Wald told CNBC's "Trading Nation" on Monday. "In August, bitcoin suffered a 20% drawdown, a 17% drawdown in November, 31% in January, 26% in February, 18% March, and now more recently down 16% about peak to trough. It must have been a tough nine months for bitcoin investors, right? Nope! ... Through that period from the August peak into the recent low, bitcoin is up 315%."

Its 12-month chart looks even better. Over the past year, bitcoin has risen more than 680%.

"This is a very volatile currency day to day. I think that's the important point here. It may not be suitable for all investors. There's really no damage to the trend on this, though, but there's a trade-off between risk and reward. To get the big upside reward it has to come with substantial downside risk," said Wald.

Nancy Tengler, chief investment officer at Laffer Tengler Investments, sees a few forces at work in the bitcoin trade. The first, regulatory risk, has been "well telegraphed for some time" and has come to be expected by investors, she says.

The second, a positive driver of sentiment, is increasing adoption.

"We have limited supply and an increasing demand with companies [getting involved] as diverse as Walmart, Visa, Square, Tesla, even Starbucks with an app that you can buy coffee using your bitcoin. So we know the demand is going up," Tengler said during the same interview.

The third is concentration risk. She estimates that 2.4% of bitcoin accounts control roughly 95% of the overall available bitcoin.

It's not just bitcoin seeing big moves in the crypto space. Bitcoin is up 92% this year, while ethereum, ripple and litecoin have enjoyed rallies in the triple digits. The meme cryptocurrency dogecoin is up an eye-popping 8,282% in 2021.

Disclaimer

Original post:
Bitcoin's sell-off by the numbers: Oppenheimer puts the latest drop into perspective - CNBC

MicroStockHub / iStock.com

Bitcoin Cash comes from Bitcoin. Its based on the same technology and its used the same way, but its a unique variation that is separate from the worlds first and most famous cryptocurrency. Heres what you need to know.

Bitcoin Cash is a cryptocurrency that was created in 2017 from a fork in the original Bitcoin blockchain. Think of it as a branch on a family tree that can then form new branches of its own.

More: What Is a Non-Fungible Token and Why Are They Booming?

Just like Bitcoin, Bitcoin Cash is:

Decentralized and not backed by a bank or government

Processed, validated and logged on a blockchain

Anonymous

Finite and therefore impervious to inflation just like Bitcoin, only 21 million will ever be made

Dogecoin (DOGE): What It Is, What Its Worth and Should You Be Investing?

The original Bitcoin blockchain had big problems that involved complicated stuff like signature data, block size and a technology known as segregated witness, all of which is beyond the scope of this article. Basically, Bitcoin outgrew its blockchain, which was made from small blocks that got clogged as Bitcoins popularity surged. As more people joined, the system became harder to scale. Both transaction times and transaction costs grew so high that Bitcoins chief miners and producers worried about its viability.

Find Out: What Happens When a Brokerage Firm Doesnt Have Enough Capital To Cover Trades?

They responded by creating what is known as the Hard Fork, a deviation from the original Bitcoin chain. The new chain had bigger blocks that could be scaled to accommodate Bitcoins ever-growing user base. Since it sped up processing times and reduced costs enough to let Bitcoin be used just like cash, the only fitting name was Bitcoin Cash.

As of March 25, Bitcoin Cash is trading around $480, much less than the $51,000 or so youd pay for a single Bitcoin. When it comes to value and price, however, the twin cryptocurrencies do have one thing in common extreme volatility. About a month ago, Bitcoin Cash was trading above $700. Less than two months before that around Christmas 2020, it was trading under $300. That, however, is nothing compared to 2017-18, when Bitcoin Cash went from well over $1,000 to well under $100 apparently trying to make every stop between and then back again in about a year.

Story continues

Hedging Your Bet? Everything You Need To Know About Hedge Funds

If you can stomach the roller-coaster volatility of Bitcoin, if you can keep up with its complex and always-evolving technology and youre OK with the fact that its not backed by any institution that you recognize, then you could certainly make an argument for Bitcoin Cash. Like Bitcoin itself, Bitcoin Cash offers the potential for otherworldly profits, but also like Bitcoin, high risks, big bubbles and crazy price swings are part of the package.

This article is part of GOBankingRates Economy Explained series to help readers navigate the complexities of our financial system.

More From GOBankingRates

Last updated: March 29, 2021

This article originally appeared on GOBankingRates.com: Bitcoin Cash (BCH): The Most Important Things You Need To Know About It

Read more:
Bitcoin Cash (BCH): The Most Important Things You Need To Know About It - Yahoo Finance

Bitcoin (CRYPTO: BTC) whales moved over $6 billion worth of the cryptocurrency on April 22.

What Happened: According to acrypto transaction tracking websiteWhaleAlert, most of the over $6 billion worth of transactions originated from a wallet managed by a crypto asset custodian Xapo, whichwas acquiredby Coinbase Global Inc. (NASDAQ:COIN) in 2009.

The $321 million transaction transferred 6,000 Bitcoin from the custodians wallet, 251 Bitcoin ($12.5 million)were sentto an unknown wallet that received and later moved over 306,000 Bitcoin over its brief year of activity.

The second wallet received nearly 5,750 Bitcoin (over $286 million) from worlds the top cryptocurrency exchange Binance andsent itto two unknown wallets in one transaction. This last wallet initiated a series of minor but still large transactions.

The pattern was always one transaction with two outputs, one receiving the bulk of the balance and the other one no more than a couple hundred Bitcoin.

Why It Matters: The purpose and nature of those transactions are unclear, but they follow major BTC price movements.

According to CoinMarketCapdata, Bitcoin is fluctuating around $50,000 at press time. It lost around 17.75% this week.

Given the recent corrections, market participants are speculating about where Bitcoin may be headed next. Scott Minerd,the chief investment officer at Guggenheim Partners, a financial services firm managingover $310 billion,believesthat Bitcoin could go as low as $20,000.

See also:Bitcoin's Rally Not A Bubble, It's A Beginning Of Mainstream, Says Investor Bill Miller

JPMorgan strategist Nikolaos Panigirtzoglou, on the other hand,suggestedthat the coin will break new lows if it does not regain $60,000 soon.

2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Continued here:
Power Transaction: Bitcoin Whales Move Over $6B Worth Of Crypto In A Day - Benzinga