After Bitcoin’s price plunge yesterday, many investors are wondering how the digital asset is faring on Friday
Bitcoin, as well as other alternative cryptocurrencies, experienced sharp price declines on Thursday and have yet to bounce back just one day later. Bitcoin fell to the lower $84,00 range yesterday and continued to slip into the early morning hours, hitting as low as $81,600.
As of the publication of this piece, Bitcoin is sitting within the $83,000 range, but overall it’s down 1.5 percent for the day so far. The last time Bitcoin traded at these prices was in April of last year.
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Analysts say that around $1.68 billion in crypto assets were liquidated in the sell-off yesterday, with roughly 93 percent of that being from long positions, or investors who had held on to the asset with the belief that the price would rise further.
Investors are also monitoring President Donald Trump’s pick to head up the Federal Reserve, Kevin Warsh, as the replacement for Jerome Powell, with whom Trump often butts heads.
Some crypto analysts believe that Bitcoin is currently “undervalued” and that the downturn on the market is close to its end. However, accurately predicting future crypto prices is an extremely difficult task, as it’s a highly volatile market. Crypto markets often mirror how other assets like gold and the stock market perform.
Topics
Bitcoin
Cryptocurrency
