Business News Asia
It feels like déjà vu in the crypto market.
Black Friday, this year also gives investors the chance to buy cheap again. Bitcoin (BTC) has fallen more than 20% since its recent record high. But this may be a golden opportunity to “buy the dip”.
Black Friday could be all about Bitcoin this year. In addition, many altcoins are trading at their lowest prices in the last 6 weeks.
The bears are taking over the bitcoin price overnight, hand in hand with the dollar and stock market declines caused by concerns about the spread of the new COVID-19 variant.
Remember last Black Friday?
The new discovery pointed many investors to the special relationship between USD and BTC. Similar to gold, the BTC price tends to go in the opposite direction to the USD. In special cases, however, both can go in the same direction, which was observed yesterday.
But it has no impact on investors, as evidenced by the massive buying of Bitcoin in the $53,000 price range. This is in line with the reasons that allow Bitcoin to reach a market capitalization of $1 trillion.
In late November 2020, BTC/USD fell to around $16,400 only to break out above $20,000 for the first time in three years.
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Saturday, November 27, 2021