Yes, Bitcoin has dropped below $ 33,000 for the first time in more than a week. Specifically, the leading crypto is trading at USD 32,000, after a drop of 8.9% and 19.5% during the last 24 hours and 7 days, respectively. Could Bitcoin’s correction go deeper?
Bitcoin Corrects and Institutional Investors Collect Profits
The crypto market is panicking as the price of the leading crypto has dropped by almost 20% over the past 7 days according to CoinMarketCap. Are you expecting a deeper correction for Bitcoin?
According to CoinTelegraph analyst, Michaël van de Poppe established that “If the $ 30,000 area does not hold, a further correction towards $ 24,000 is likely, which would mean a 40% retracement from recent highs.”
Therefore, we must be vigilant of a possible drop below $ 30,000. On the other hand, it is worth noting that some institutional investors have made a profit as crypto declines.
Specifically, according to CoinShares, institutional product exits have been observed indicating that gains have been made amid the Bitcoin correction.
As this happens, JPMorgan ensures that Bitcoin is not a hedge against market crashes. In fact, strategists John Normand and Federico Manicardi claimed that the leading crypto is the “least reliable hedge during periods of acute market stress.”
The thing is, Normand’s and Manicardi’s point of view appears to differ from the other JPMorgan strategists led by Nikolaos Panigirtzoglou, who believe that Bitcoin is driving investors away from precious metals.
Crypto exchange Binance goes off the blacklist in Russia
As we previously reported on CryptoTrend, previously the website of crypto exchange Binance had been blocked by Russia, specifically it had been blacklisted.
This occurred in September 2020 when Russia claimed that the distribution of information about Bitcoin, which was traded on Binance, was prohibited in the country.
However, after being confronted, the prosecutor’s office simply dropped the case against Binance. And, although he didn’t give many explanations, the website got off the blacklist.
Hive Blockchain will expand its crypto hashing power
Hive Blockchain announced the purchase of 6,400 ASICs from the Chinese firm Canaan Creative, this with the aim of reaching 1,200 PH / s and, for this, it will expand its stock of machines to almost 10,000 ASICs.
Another interesting aspect is that the shortage of crypto equipment has forced companies to turn to manufacturers other than Bitmain.
In a few lines …
- Rick & Morty creator Justin Roiland raided in the crypto art of non-fungible tokens (NFT) and sold the collection for $ 1.65 million.
- Crypto users belonging to the governance of Yearn.Finance propose not to follow in the footsteps of Bitcoin and increase the supply of YFI.