{"id":109406,"date":"2021-01-22T20:07:24","date_gmt":"2021-01-22T20:07:24","guid":{"rendered":"https:\/\/precoinnews.com\/?p=109406"},"modified":"2021-01-22T20:07:24","modified_gmt":"2021-01-22T20:07:24","slug":"bitcoin-drops-below-30000-level-as-head-turning-rally-stalls","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/bitcoin-drops-below-30000-level-as-head-turning-rally-stalls\/","title":{"rendered":"Bitcoin Drops Below $30,000 Level as Head-Turning Rally Stalls"},"content":{"rendered":"
Bitcoin fell below $30,000 as it continues to retreat from the record highs reached during a furious rally over the past two months.<\/p>\n
The world\u2019s largest cryptocurrency dropped as low as $29,327 as of 8:29 a.m. in Hong Kong on Friday, after a slide of almost 11% a day earlier. Commentators have cautioned that a sustained drop below $30,000 could presage further losses in the wake of last year\u2019s 300% surge.<\/p>\n
\u201cThis level looks very vulnerable and a break below it is bad news in the near-term for Bitcoin and cryptos in general,\u201d Craig Erlam, senior market analyst at Oanda Europe, wrote in a note Thursday. \u201cI wouldn\u2019t be surprised to see a test of $20,000 before too long.\u201d<\/p>\n
Bitcoin has seen a stellar rally as prices more than doubled after passing $20,000 for the first time in December. It broke above $30,000 in early January before peaking close to $42,000. Volatility then picked up as the digital asset tumbled.<\/p>\n
The crypto boom has proved controversial, cheered on the one hand by believers who see Bitcoin becoming a more mainstream investment, but decried by others that see little more than speculative mania.<\/p>\n
Grayscale Investments, which is behind a popular Bitcoin trust, saw total inflows of more than $3 billion across its products in the fourth quarter. Just this week, BlackRock Inc. dipped its toe into the crypto universe for the first time, saying cash-settled Bitcoin futures are among assets that two funds were permitted to buy.<\/p>\n
Read More<\/th>\n<\/tr>\n |
---|
Want to Understand Bitcoin? It\u2019s a Faith-Based Asset: Weisenthal<\/td>\n<\/tr>\n |
BlackRock Files to Add Bitcoin Futures to Two of Its Funds<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n \u2014 With assistance by Mark Cranfield, and Dave Liedtka<\/em><\/p>\n |