Bitcoin drops significantly after chasing a record | 01/11/21


FRANKFURT (dpa-AFX) – The digital currency Bitcoin has clearly lost ground at the start of the week. The price of the oldest and best-known cryptocurrency slumped on Monday night on the Bitstamp trading platform to $ 33,447, thus increasing the weekend’s losses. On Friday, after a wild record hunt in the past few weeks, Bitcoin still cost up to $ 42,000, but lost around $ 4,000 by Sunday evening. This downward trend continued on Monday. Most recently, the Bitcoin price was around seven percent below the closing level on Sunday at around $ 35,500.

“The attack of weakness again illustrates the high susceptibility of the cryptocurrency to fluctuations,” said Bitcoin expert Tilo Emden, commenting on the losses. “In view of the fulminant price heights, profit-taking on a larger scale should not come as a surprise. Bulls and bears are currently taking the lead and are ensuring correspondingly high volatility, which is still not for the faint of heart.”

Despite the severe turbulence, he believes that the upward trend will remain in tact. “Recently, price setbacks were perceived as a supposedly favorable opportunity to re-enter the market,” said Emden. Bitcoin’s recent soaring is still unparalleled. Since mid-December alone, in just over three weeks, the price has almost doubled despite the recent setback.

Over the year, the plus amounts to more than 300 percent. Hardly any other form of investment currently has such drastic price increases to offer. However, critics warn against exaggerations and a bubble, since such extreme price increases are seldom sustainable./zb/stk

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Bitcoin drops significantly chasing record


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