NEW YORK / LONDON (IT BOLTWISE) – Bitcoin is experiencing a dramatic decline, falling below the $85,000 mark. This development follows a general sell-off in the technology sector, which is prompting many investors to invest in safer assets such as bonds and gold. Experts see a combination of institutional selling and regulatory uncertainty as the main reasons for the decline in the current market situation.
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The Bitcoin market has seen a significant decline, with the price of the cryptocurrency falling below the $85,000 mark. This represents a 33% decline in just eight weeks after Bitcoin hit a record high of over $126,000 in early October. The decline is part of a broader trend that is also affecting other technology stocks that are considered overvalued.
Companies closely linked to cryptocurrencies have also suffered significant losses. Coinbase Global shares fell 4%, while online trading platform Robinhood Markets posted a 5.2% decline. Bitcoin mining company Riot Platforms also suffered a loss of 7%. These developments reflect the uncertainty currently shaping the crypto market.
Analysts attribute the selloff to several factors. A general risk aversion has gripped markets this fall, prompting investors to invest in safer assets like bonds and gold. Bitcoin futures have fallen nearly 24% over the past month, while gold futures have risen nearly 7%. This shift suggests that investors are currently acting more cautiously.
Another factor contributing to the uncertainty is the lack of regulation in the crypto sector. Deutsche Bank noted in a research note that institutional selling and profit-taking by long-term holders also contributed to the recent declines. The question of whether the current decline is a temporary correction or a longer-term adjustment remains open.
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