Is Bitcoin’s latest bull run losing steam?
During the last hour, Bitcoin has dropped the most that it has fallen in over a week. At 5 pm UTC, Bitcoin has been floating at $39,383, an unsurprising number for most watchers this past weekend, however, in the last hour, it plummeted to $37,832, a drop of 4%.
Bitcoin’s price has recovered to its latest price, $38,059, but when combined with losses earlier that day, Bitcoin’s price has fallen by 6.8% in the last 24 hours, CoinMarketCap data showed.
One of the high-profile institutional investors, Anthony Scaramucci – whose SkyBridge Bitcoin Fund’s Zoom launch call had crashed last week when over 6,000 investors tried to join- and Michael Saylor – whose Bitcoin chat convinced Morgan Stanley to get it on the game in some capacity – are probably watching the numbers anxiously.
The historic bull run by Bitcoin has been great for the crypto market in general, which has appreciated the attention from new investors, many of which are setting out into the new world for the first time in search of The Next Bitcoin.
Regular gains have been made across the board by Ethereum, the altcoin favorite, up to 40% from last week and closing in on the all-time high. The New Year also entrusted around %0% increases to Bitcoin’s spinoffs Bitcoin Cash and Bitcoin SV.
Whether crypto fans are riding the BTC hype or not, an abrupt drop in BTC prices can have a catastrophic effect on the rest of the market.
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