Bitcoin Gives Back $61,000

IconCryptoNewsTerminal Staff23 Aug, 2024

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Bitcoin Gives Back $61,000

According to Coinys Market Monitoring, Bitcoin has given back $61,000 from its 2022 high. Bitcoin is currently trading at $60,980.01, down 4.42% in the last 24 hours on Binance's USDT market. BTC has been on a downward trend since hitting its all-time high of $69,044.77 on 10th November 2021. The recent sell-off in Bitcoin has been attributed to a number of factors, including: Profit-taking by early investors. Concerns about the Omicron variant of COVID-19. * Regulatory uncertainty in the cryptocurrency market. It is unclear when Bitcoin will hit the bottom in this corrective wave and start climbing again. However, in the past, Bitcoin has strongly recovered from pullbacks. In 2018, Bitcoin nearly declined 80% from its peak of $19,783.21. It then went on to reach a new all-time high in 2021. It is important to remember that Bitcoin is a volatile asset, and its price can fluctuate wildly. Investors should only invest what they can afford to lose.

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