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Bitcoin will continue to decline as part of the correction?



DATE OF PUBLICATION: 2021-02-25 15: 07: 37The cost of bitcoin yesterday afternoon increased by more than 10%, to the level of $ 50.6 thousand. Today, bitcoin is trading at around $ 49,044. Last Sunday, the bitcoin rate broke an absolute historical record. reaching $ 58,352. Carmaker Tesla made more money from this jump than from selling its electric cars in all of 2020. We remind you that about a month ago, the company acquired bitcoins worth $ 1.5 billion, and at the time of record values, the cryptocurrency brought the automaker about $ 1.08 billion. However, the very next day after reaching a historical maximum, the value of the digital currency fell sharply down to $ 44,892. The fall from the highs was 23%. Tesla founder Elon Musk, following this event, lost his status as the richest man in the world (according to Bloomberg), having lost at least $ 15.2 billion in the fall of the bitcoin rate. Tesla’s securities sank in value by 8.6%, and this was for them the most The decline in the cryptocurrency market was due to the comments of Elon Musk on Twitter published the day before, where he speaks of such significant investments in bitcoin as a reckless investment, and calls bitcoin and ethereum very overvalued assets. Thus, Musk acknowledged that investing heavily in bitcoin is not the best solution. Apparently, the change in attitudes of large funds and investors towards Tesla prompted its founder to reconsider his views on the future of digital currencies. After celebrating the Chinese New Year, large mining consortia entered the market, one of which sold $ 2 billion in bitcoins at the time of the peak. As a result, in just a few days, the rate fell from record highs to local minimums of $ 45 thousand. However, later there was good news from the world of the cryptoindustry, which again pushed bitcoin quotes up. Information about the closure of the investigation into market manipulation by Tether and Bitfinex was released. This information was received by the crypto market very positively, which determined the growth of the virtual coin’s rate, but the problems of Tether and the supply of its stablecoin still persist. In addition, the market does not yet notice the fact that the claims that were made against the company in the course of closing the case also have a wide range of disclosure of data on assets. So the decision of the US Prosecutor’s Office can be perceived as a kind of temporary postponement of the consideration of the case. In the future, most likely, they will return to it more than once. It is worth recognizing that the market today is fully within the scope of an adequate correction for a “bullish” trend. Experts believe that the correction of the cryptoasset in the region of $ 38-43 thousand is quite probable, especially considering the presence of a huge number of stop-losses of retail traders in the region of $ 40-45 thousand for 1 digital coin. If there is a rebound from the specified range and the quotes continue to grow, there is a high probability that Bitcoin will update new highs. Material provided by InstaForex – www.instaforex.com Source – InstaForex

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