Bitcoin price hits 2-month low – billionaire warns he ‘doesn’t feel comfortable’ with Bitcoin
Top line
Bitcoin fell on Monday to its lowest level since mid-November, a decline that coincides with a broader slump across asset classes in recent weeks, as one of the cryptocurrency’s leading critics attacked Bitcoin again.
Bitcoin is still up 25% since Election Day, part of a significant pullback across asset classes recently … [+]
Basic facts
The price of bitcoin fell on Monday to a low of $89,097, the first time the digital asset has traded below $90,000 since November 18.
Although Bitcoin had recovered to roughly $92,000 by 3pm EST, or 8pm GMT – Bitcoin in circulation is constantly measured in GMT – it was still on track for a 3% daily loss. .
Bitcoin is now down 15% from its all-time high of $108,000 hit last month, part of a broader decline as well. Sweeping Bond and stock markets were linked to fading hopes for further interest rate cuts in the face of strong US economic data and rising inflation risks, prompting investors to move away from riskier assets.
Shares of companies closely linked to bitcoin faced difficulties on Monday, with shares of cryptocurrency exchange Coinbase and the world’s most valuable bitcoin miner Marathon Digital falling about 5% each to their lowest levels since November, while shares of the most valuable bitcoin holder Microstrategy fell. Goodwill by 3%. %.
Main critic
Comments from JPMorgan Chase CEO Jamie Dimon contributed to Bitcoin’s decline interview with CBS published on Sunday. “I don’t feel good about Bitcoin,” Dimon said, adding that the $1.8 trillion cryptocurrency “has no intrinsic value.” Damon, who is he? He deserves $2.6 billion and runs the largest bank in the United States long criticize Bitcoin. “Just as I think you have a right to smoke, but I don’t think you should smoke,” Dimon added, so cryptocurrency investors should be allowed to trade Bitcoin.
Main background
Bitcoin is far from the only major asset to slide into correction territory, as other tokens such as Ether, Binance Coin, Solana, and Dogecoin have also suffered pullbacks of more than 10% from their recent highs. Several big-name stocks are also down at least 10% from their recent peak, including Nvidia, Palantir and Tesla. In its 15-year history, Bitcoin prices have soared tend To suffer through high-rate environments and pop with low rates.
Contra
Bitcoin is still up about 35% since Election Day as money flowed into the digital asset following the victory of President-elect Donald Trump, a Bitcoin skeptic who has… I embraced Encryption on the campaign trail. Bitcoin is still trading above its opening day range of $80,000 to $90,000. anticipation Before the election by highly optimistic analysts at Bernstein.
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