Bitcoin, the king of all cryptocurrencies is facing a downturn as the price dropped below US$26k
After a disastrous 2022, this year was supposed to be the year of recovery for the crypto market. The combined market cap of all tokens rose above US$1 trillion for the first time in almost a year and the entire sector was pumping, entering a decisive bullish phase. However, some experts claim that the crypto market rally is over. Especially after Bitcoin failed to reach the US$30k mark.
Bitcoin, often referred to as the “king” of cryptocurrencies, holds a prominent position in the market. Its decentralized nature, limited supply, and growing adoption by institutions have established its reputation as a reliable investment. Despite occasional price volatility, Bitcoin has consistently demonstrated resilience throughout, making it an appealing choice for long-term investors seeking stability.
With a dominant market cap and a solid track record, Bitcoin continues to attract mainstream attention and financial institutions. Its position as a store of value and a potential hedge against inflation remains unchallenged. However, it is essential to consider factors such as regulatory developments, market sentiment, and technological advancements that can impact Bitcoin’s future trajectory.
The BTC price soared since the new year and settled around US$28,000 till last week and suddenly dropped after the SEC filed a lawsuit against Binance and Coinbase, now valued at around US$25,800. This intricate value made the market experience a bearish chart pattern.
The BTC value declined to 3.10% in seven days. This descending chart pattern indicates that the value even falls lesser than US$23,000. Adverse macroeconomic factors, adverse central bank policies, and negative regulatory attention are the factors behind the downturn in BTC prices.
Even though Bitcoin is known for its ability to overcome challenges and make strong comebacks, the doubts that the investors have are more than obvious at this point. The crypto market is changing rapidly, and some enthusiasts are beginning to question whether Bitcoin is worth investing in.
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