Standard Chartered predicts bitcoin could fall to $5,000 in 2023 as part of its research on potential market surprises next year.The flagship cryptocurrency was last lower by 6% at $62,918.35, according to Coin Metrics. Last week it climbed to a record $73,679.Bitcoin weakness began last week as traders began taking profits after it had soared roughly 70% from the start of the year to its peak last Wednesday.
Additionally, that profit taking led to a spike in long liquidations of leveraged bitcoin positions. About $122 million in long liquidations occurred across centralized exchanges Monday, according to CoinGlass. Last week there was about $372 million in long liquidations from Wednesday to Friday. The successful introduction of spot bitcoin ETFs in the U.S. earlier this year has been a key contributor to bitcoin's rally, which began even before the ETFs were launched in anticipation of their regulatory approval. At the same time, interest from investors and higher demand for bitcoin has alsoin March as more volatile price action, combined with an increase in trading volumes, would lead to pullbacks from bitcoin's long-term uptrend.
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Utoday_en - 🏆 295. / 63 Read more »
Source: Utoday_en - 🏆 295. / 63 Read more »
Source: Utoday_en - 🏆 295. / 63 Read more »
Source: Utoday_en - 🏆 295. / 63 Read more »
Source: Utoday_en - 🏆 295. / 63 Read more »