Street Signals Point To Potential End Of Satoshi Sale As Bitcoin And Ethereum Close Out Monday With Significant Gains
After a short reprieve over the weekend, cryptocurrencies continued their dramatic and prolonged slide on Monday morning, culminating in bitcoin losing nearly half of its value since it hit record highs last November before staging a midday turnaround.
By Andrew Senior
January 25th, 2022
Bitcoin has seen a dramatic drop in valuation over the past week. After falling below $40,000 last Thursday, Bitcoin leveled off in the $35,000 range on Sunday but plunged again this morning falling below $34,000 before recouping some of its recent losses and settling in the mid $36,000 range.
Bitcoin has now fallen below the $40,000 level twice in recent trading sessions but it was the first time since July 2021 that Bitcoin has traded below $34,000, and Bitcoin wasn’t alone. Ethereum saw a big drop to go along with what looked like the worst day for the stock market in nearly two years after the release of the Federal Reserve’s long-awaited report involving a government-issued digital currency before Wall Street did a massive turnaround covering over a thousand points loss and ending in positive territory.
The Omicron COVID-19 variant has continued to add uncertainty to markets along with new statements from Federal Reserve Chairman Jerome Powell on the overall health of the economy as well as comments from SEC Chairman Gary Gensler regarding cryptocurrency regulation.
Despite the recent drops, many experts are still predicting that Bitcoin’s price will rise above $100,000. Supporters of cryptocurrencies and blockchain technology hedge their bets on the fact that this two areas have the potential to transform global finance.
Warren Buffett once said that it is wise for investors to be “fearful when others are greedy, and greedy when others are fearful.” Those words may never ring truer than in this current environment, especially as markets have done an about face with Bitcoin already showing some strength.
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