The speed with which Bitcoin had given tremendous returns to investors in the current year. With much greater speed, the world’s largest cryptocurrency also left investors in poverty. The special thing is that in just 40 days, all the gains of Bitcoin collapsed and it came to negative returns for the first time in a year. Since October 7, there has been a decline of about 37 thousand dollars in the price of Bitcoin. Whereas the prices which had crossed 90 thousand dollars at the beginning of the year, are now trading at a level below that.
The biggest reason for the decline is the rise in the dollar index and the reduced possibility of a possible cut by the Fed in the month of December. Experts believe that in the coming days the price of Bitcoin may go below 80 thousand dollars. This means that there can be tremendous chaos in the cryptocurrency market. Let us also tell you what kind of figures are being seen in the cryptocurrency market…
bitcoin crashed
There is a big fall in the prices of Bitcoin, the world’s largest cryptocurrency. On Tuesday, the price of Bitcoin fell by more than 6 percent and the price was seen below 90 thousand dollars. If we look at the data of CoinMarket.com, at 12:50 pm the price of Bitcoin is trading at $ 89,772.17 with a decline of about 6 percent. Which also reached the level of $ 89,300.46 during the trading session. At present, Bitcoin prices are trading at their lowest level in more than a year. By the way, the price of Bitcoin was also seen at $ 95,928.37 during the last 24 hours.
Loss of 37 thousand dollars in 40 days
The special thing is that in the last 40 days, more losses have been seen than the gains made by Bitcoin in the current year. According to the data, on October 7, the price of Bitcoin reached a life time high of $126,198.07. This means that the price of Bitcoin has seen a decline of more than 37 thousand dollars i.e. more than 29 percent in the last 40 days. If we look at the data, there has been a decline of about 16 percent in the price of Bitcoin in the last one month. There has been a decline of more than 14 percent in a week.
Will the price go below 80 thousand dollars?
Now the biggest question is whether the price of Bitcoin will go below 80 thousand dollars. According to Bloomberg report, investors fear that if the prices go below 85 thousand dollars, then the price of Bitcoin may go below 85 thousand dollars. If this happens, Bitcoin prices could go down by more than 36 percent from its lifetime high.