Bitcoin plummets after reaching record $42,000 value

Daniel Fowler
January 11, 2021

And it was enough to start the manipulation debate. Bitcoin has had a broader bull run since October 2020, ever since US-based online payments firm PayPal allowed its customers to use the cryptocurrency on its network.

According to US media, the total market value of digital currencies including Bitcoin has topped $1 trillion. "It's a little more challenging with the current price closer to $20,000". Prices nearly reached $42,000 on January 8 with retail traders and Wall Street investors clamoring for a piece of the action. However, at last check, Bitcoin was back to $39,104 price on Saturday.

Compiled by Elias Simos, protocol specialist at blockchain infrastructure provider Bison Trails, the numbers suggest that the wealthy have been profiting from Bitcoin being sold by smaller investors throughout December and January. Bitcoin has been in this article before, in the preceding 10 years, when it went on a tear with a predictable end result.

Also, AMDAX Asset Management CIO Marcle Burger argued that "long term 35k is probably nothing, but given how fast we got to exceed 40k, a larger correction (30%ish) was to be expected".

BTCUSD TradingView
BTCUSD TradingView

Does Guggenheim Want To Enter At Lower Prices?

Also, as reported, as BTC becomes more integrated into institutional portfolios, it could become more correlated with other assets, and external events might have a growing impact on bitcoin. With little to no sideways trading, if Ethereum doesn't experience a crash in the short-term trading, we could be looking at a rally similar to that of Bitcoin's for the altcoin as it knocks on its all-time high record of $1,432.88 Dollars.

According to the latest data provided by the crypto analytics company, liquidations have surged significantly since yesterday. Crypto volatility has jumped after the recent crash.

The 24-hour bout of selling is nothing more than an overdue "healthy correction", Naeem Aslam, chief market analyst at AvaTrade, told clients in a note on Monday. It rallied by 88% in a month and 329% in a year.

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