Bitcoin's Bearish Turn: A Controversial Dip?
Bitcoin's recent dip has sparked a wave of curiosity and debate among investors. With prices slipping below $100,000 for the first time since June, the cryptocurrency giant finds itself on the brink of a bear market, according to data analysts. But here's where it gets intriguing: this development has left seasoned crypto enthusiasts relatively unfazed.
Bitcoin's value has dropped nearly 20% from its October peak of $126,272.76, yet it remains 8.5% higher year-to-date. An asset is considered in a bear market after a 20% drop from its recent high, and Bitcoin is inching closer to that threshold.
The sell-off in cryptocurrencies like Bitcoin coincides with a broader market trend. Gold, small-cap stocks, and quantum-computing-related stocks have also experienced a decline. Ram Ahluwalia, Chief Investment Officer at Lumida Wealth, observes, "They're all rising and falling together."
