Monday, January 24

Bitcoin loses a fifth of its value: analysts say it is a buying opportunity

The crash comes after a volatile week for financial markets. Global stocks and benchmark U.S. Treasury yields fell on Friday on data that showed U.S. job growth slowed in November as the omicron variant of the coronavirus kept investors nervous.

Data from another platform, Coinglass, showed that nearly $ 1 billion worth of cryptocurrency had been settled in the past 24 hours, with most of it being done on the Bitfinex digital exchange.

Last chance to buy cheap BTC?

David Lifchitz, managing partner and chief investment officer at ExoAlpha, suggested that “Bitcoin and Ether were bought on sale when they hit $ 54,000 and $ 3.90” by those who were able to accumulate at those levels. “

“So after an initial panic-induced drop, cryptocurrencies could take advantage of such an outcome if we go back to what happened before, although this remains highly speculative. We will know in the coming weeks if Santa Claus will come this year or if he will remain locked up. with Covid, “he added.

Another analyst, Rekt Capital said: “In September, BTC was down -25%. That’s when BTC investors became extremely fearful. So BTC rose to new highs. Now, BTC is down -23%. Likely that Fear and Greed Index shows Extreme Fear very soon. Similar retracement depth. Same investor sentiment. “