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Last week, Bitcoin was already on shaky ground due to massive outflows recorded by US-based exchange-traded funds and other bearish factors such as macroeconomic uncertainty and a recent selling spree XRP Becomes Most Stable Asset on Crypto Market, Unexpected Hit: Bitcoin Loses $65,000: Reversal Still Possible, Ethereum Meets First Strong SupportOn Monday, things took a turn for the worse for Bitcoin bulls after Mt.
The exact level of selling pressure remains unclear, but Schiff predicts that the price of the leading cryptocurrency might drop"a lot more" before the Mt. Gox Bitcoin even starts hitting the market. Despite the fact that Bitcoin has now dropped more than 20% from its record high, Schiff believes that the price correction is now over."The bear is still young," he added.
In the meantime, the Fear & Greed Index, a popular tool for gauging investor sentiment, has plunged to 30. This is the lowest index value since Sept. 20. Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.
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Source: Utoday_en - 🏆 295. / 63 Read more »