For a long time, cryptocurrencies continued to rise by breaking records every day. But Bitcoin lost value by falling 12 percent overnight!
Recently, there has been a general increase in cryptocurrencies. While Ethereum was breaking its own record every day, Bitcoin was also showing a continuous upward trend. Moreover, when it comes to the general market value, Bitcoin managed to surpass Tesla by increasing its volume to 1 trillion 255 billion dollars. However, it lost value by experiencing a 12 percent decrease in one night.
Why is bitcoin falling?
Bitcoin investors continue the discussions in a divided way. A popular opinion says that crypto money will gather strength from the bottom and rise again and even continue to break records. However, according to another prevailing view, Bitcoin was experiencing an artificial rise. Now it is moving towards the value it should be.
New York-based investment bank and financial services holding company JPMorgan said in an announcement that the fair value of Bitcoin, the oldest and largest cryptocurrency, is $35,000. According to the company, almost half of the value it currently trades is due to an artificial increase. However, if the rise continues, it was said that it could rise to the level of 73 thousand dollars, and even exceed 100 thousand dollars in the next year.
Bitcoin managed to reach the level of 66 thousand dollars last October. Then it fell to the level of 58 thousand dollars. However, as stated in popular views, it managed to gather strength from the lower levels and reach its historical high of $68,613.
Of course, it could not maintain the peak for a long time and fell to the level of 63 thousand dollars. However, it continued to rise until yesterday, reaching $ 66 thousand. At this point, users were waiting for Bitcoin to break a record again. However, when the expected threshold was not exceeded, sales began, and it fell by more than 12 percent overnight, falling to the level of 58 thousand dollars.
After this situation, Bitcoin may have entered a recovery process. It has now risen to as high as $59,800. Of course, after this point, we will see whether it will go down to the lower 35 thousand dollars level that JPMorgan said by experiencing another decrease, or whether it will continue to rise to the upper 73 thousand dollars level.
Please note that this is not investment advice. What do you think about this subject? Don’t forget to share your views with us in the comments!