how to buy bitcoin: worst week for bitcoin in six months know the latest price: worst week for bitcoin in 6 months! Know what is the price
- There is a fall in the price of Bitcoin and Ether
- Bitcoin was trading at $55,980, down 1.6%
- This is bitcoin’s lowest level since mid-October.
- Ether also fell to 3-week low
There is no good news for investors of Bitcoin, the world’s largest cryptocurrency. On Friday, its price reached a month low. This may be the worst week for bitcoin in the last 6 months. After a long rally, profit-booking by traders has led to a fall in the price of bitcoin. In the Asian market, it was trading 1.6 per cent lower at $55,980, its lowest level since mid-October. This is 20 per cent lower than its previous week’s record high.
Bitcoin, the world’s largest, oldest and most popular cryptocurrency, is down 14 per cent this week. Despite this, its price has risen 90 percent this year. Matthew Dibb, COO of Singapore-based crypto asset manager Stack Funds, said selling pressure has eased it. He says that the price of bitcoin could drop to $53,000. Recently its price had crossed $68,000.
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Meanwhile, the world’s second largest cryptocurrency, Ether, also fell to $4,014, its 3-week low. It may also decline by 14 per cent this week. In recent times, economic growth, interest rates and inflation have raised the concerns of the world’s investors, due to which the country is getting on the prices of ether and bitcoin.
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Edward Moya, analyst at OANDA, said that the long-term outlook for bitcoin remains bullish. This means that it has the potential to accelerate for a long time. But the next few months may be full of ups and downs. The reason for this is that institutional investors will keep an eye on whether the US Fed raises the reserve rate or not.
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