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Cryptocurrencies: Bitcoin falls towards $ 55,000 – How to classify the correction

Bitcoin representation

In the crypto market, euphoria has recently given way to a sober approach.

(Photo: imago / Michael Weber)

Düsseldorf Bitcoin is in correction mode: On Friday, the oldest and most important cryptocurrency fell by around five percent to a good 55,700 dollars, according to data from the analysis company Coinmarketcap. Most recently, the price was around $ 56,500.

Bitcoin has lost almost 20 percent of its value since its record high of $ 68,789 on November 10. Analysts believe a further price drop to $ 50,000 is possible.

“We may have just entered a deeper correction, but it won’t panic anyone,” said Craig Erlam, an analyst at financial services company Oanda. He expects Bitcoin speculators to use the setback to buy more. “So great is the trust that exists in this area at this moment.”

Cryptoanalyst Timo Emden observes that the latest euphoria has given way to a sober approach. “Smoldering inflation concerns on both sides of the Atlantic could still move investors back into the cryptocurrency markets at the end of the day.”

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Reference-www.handelsblatt.com

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