Crypto

Bitcoin: the reasons for the price collapse for several weeks

ECONOMY – Bitcoin has lost more than $25,000 in value in two months

For the first time since October, Bitcoin briefly dipped below $40,000 on Jan. 10. The cryptocurrency had reached a new all-time high when it broke above the $69,000 mark on Nov. 10. There are several reasons for this drop.

A natural “correction”

Why the price of Bitcoin has plummeted in recent days – Geeko

After a growth period of several weeks, cryptocurrencies usually go through what is known in jargon as a “correction”. They reach a peak, a price set by many traders where many investors have chosen to set a sell order to take their profits. As the amount of sales exceeds the amount of purchases, the price retracts and falls several percent in a few days, dragging down the prices of all other cryptocurrencies. It then naturally levels off when demand meets supply, before resuming its flight. Once the $69,000 mark was reached, Bitcoin underwent one of these corrections. Logically, its price should have stabilized around $55,000, but the progression continued.

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