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Why Bitcoin is down today?

Umair Javed
Last updated: Dec 17
Umair Javed 76 Views
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7 Min Read
Why Bitcoin is down today?
Why Bitcoin is down today?

While Bitcoin is recovering from its November fall, the ascent back up is taking its time.

Contents
Why Bitcoin is down today?Bitcoin has not passed $50,000 in the past 1 year What do Professional Traders say about Bitcoin?What’s the probability of profit in bitcoinWhat Do Crypto Investors Need to Know About This Price Drop?Conclusion

Following the bankruptcy of FTX, one of the biggest and fastest-growing crypto exchanges, cryptocurrency values were extremely volatile in November. On November 11, the exchange declared bankruptcy.

Subsequently, additional exchanges also declared bankruptcy. And the SEC has since charged FTX founder Sam Bankman-Fried with fraud. Prices for cryptocurrencies are kept low by these recurring shockwaves.

Why Bitcoin is down today?

Since the token’s all-time high in November 2021, Bitcoin has lost about 80% of its value. Last week, it recovered $17,000, and this week, it has generally held that price range. This week, the token exceeded $18,000. But it only stayed there for a short while before falling back down.

Many are concerned about whether the recent spate of bankruptcies roiling the cryptocurrency industry would exacerbate the current bear market, which investors have called “crypto winter.” The gist of it is: Nobody is aware.

However, experts believe that FTX’s collapse and its consequences are likely contributing to the year’s price lows.

Bitcoin has not passed $50,000 in the past 1 year

Aside from the recent collapse, bitcoin’s price hasn’t surpassed $50,000 since December 25, 2021. The Fed’s persistent hints that it would start scaling back emergency measures to bolster the economy. And the prolonged surge in inflation is likely to blame for this setback. And the job market’s slow rebound.

Bitcoin entered 2022 on a relatively high note despite a poor start to the year. A robust November and early December were followed by the recent downward trend. Bitcoin rose throughout the year after beginning 2021 in the $30,000 to $40,000 range. On reached its most recent record on November 10 when it crossed the $68,000 mark.

What do Professional Traders say about Bitcoin?

Many analysts still believe that bitcoin’s price will eventually rise above $100,000. Despite having drastically declined from its most recent all-time high. They say it is simply a matter of when not if.

When Ethereum’s price surpassed $4,850 in November. It set a new all-time high, following the most recent all-time high for bitcoin. Similar volatility has been observed in Ethereum since the most recent high.

Bitcoin price prediction today
BTC price prediction today

When it surpassed $60,000 in April 2021, Bitcoin reached its first annual high. Since then, the price has fluctuated significantly. Highlighting the cryptocurrency’s erratic nature at a time when more and more people are looking to participate in the market.

Bitcoin saw wild ups and downs in the weeks between a low point in July. That brought it below $30,000 and its most recent high point in November. More volatility is unavoidable in the future of cryptocurrencies, according to experts, but this is to be expected.

What’s the probability of profit in bitcoin

We’ve spoken with financial professionals and investing gurus. And they advise against putting a large portion of your portfolio in the asset class for precisely this reason.

Read More: Yuan Digital Currency comes with a digital Expiration date

They collaborate with clients to ensure that risky cryptocurrency investments don’t interfere with other financial priorities. Like setting aside money for emergencies and paying off high-interest debt.

According to Nate Nieri, a Certified Financial Planner at Modern Money Management in San Diego, California, “you have a high possibility of losing it all, but a small chance of winning it large.” If you lose it all, he advises, “don’t bet a sum that would burden your family or prevent you from accomplishing your ambitions.“

What does the most recent stock market crash signify for investors? And how does it compare to earlier crashes or even to routine stock market declines?

What Do Crypto Investors Need to Know About This Price Drop?

Price fluctuations should be anticipated by those who use a buy-and-hold strategy to invest in cryptocurrencies over the long term. Humphrey Yang, the personal finance expert at Humphrey Talks, believes big dips are nothing to be excessively concerned about. And that he avoids reviewing his own accounts during erratic market declines.

Yang claims, “I’ve gone through the 2017 cycle, too,” alluding to the “crypto crash” of 2017. Many significant cryptocurrencies, including bitcoin, had significant value losses. “I am aware of how unstable these things are; some days they can drop by 80%.”

Experts advise limiting your bitcoin holdings to less than 5% of your whole portfolio. If you’ve done that, Bill Noble, chief technical analyst at Token Metrics, a cryptocurrency analytics company, advises you not to worry about the fluctuations because they will continue to occur.

Volatility, according to Noble, “is as ancient as the hills and it’s not going anywhere.” It’s a situation you must handle.

Yang advises following the same approach that works for all long-term investments. That is set it and forget it, as long as your crypto investments don’t get in the way of your other financial goals. And you’ve only invested what you’re ultimately OK with losing.

You may have too much depending on your cryptocurrency assets if this kind of precipitous loss worries you. Only invest money that you’re willing to lose. Don’t act hastily or drastically alter your approach too soon, especially if the drop is prompting you to reevaluate your crypto allocations.

Conclusion

Think about what you would be more comfortable with moving forward. Such as reducing your future allocation to cryptocurrencies. Or diversifying through companies and funds devoted to blockchain technology. Rather than purchasing cryptocurrencies directly. (though you should still expect volatility when cryptocurrency markets fluctuate).

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TAGGED: bitcoin dump, Bitcoin Price 2022, BTC crash 2022
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By Umair Javed
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