Updated on 11/27 below. This post was originally published on November 26th
The prices of Bitcoin and cryptocurrencies have plummeted after showing a massive rise on the back of Donald Trump's victory in the US election (Elon Musk has secretly revealed that he is a changer in the crypto market) (even though he admitted it).
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Bitcoin prices have plummeted towards $90,000 per Bitcoin from almost $100,000 on Monday. The price correction in cryptocurrencies wiped out about $200 billion from a total market of $3.2 trillion.
Now, a leak reveals that a Wall Street earthquake could hit Bitcoin next year, as crypto billionaire Michael Novogratz says Bitcoin price will drop to $80,000 before rebounding Traders are nervously watching how far the price of Bitcoin will fall after warnings that it could fall.
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Traders have been caught off guard by the downturn in the Bitcoin and crypto markets. … [+]
“There’s a lot of leverage in the system right now,” said Novogratz, CEO of cryptocurrency financial services company Galaxy Digital. said CNBC. “The crypto community is being exploited and there will be a fix.”
Novogratz predicted that the price of Bitcoin could return to around $80,000 per Bitcoin, but the market was trading ahead of President Trump's presidential election victory, which signaled a “paradigm shift” in virtual currency regulation. He said that he did not expect it to fall below this level.
“Almost all members of the Cabinet own Bitcoin and are supporters of digital assets,” Novogratz said of the incoming Trump administration. He added that he thought it was inevitable.
“Usually when you hit $100,000, there's a little bit of a bounce,” he says. “You wouldn't be surprised to know, but we're moving higher. We're in price discovery. There's not a lot of supply,” Novogratz said.
Update 11/27: Bitcoin price has rebounded after plummeting to around $90,000 per Bitcoin as bullish traders wrest control of the market from bearish traders.
The price of Bitcoin and cryptocurrencies have soared since Donald Trump was elected US president, heralding an easing of strict regulations that crypto companies complained were stifling the industry and market. widely regarded.
Dan Morehead, founder of Bitcoin and cryptocurrency investment firm Pantera, said the incoming Trump administration could push the Bitcoin price to $740,000 by April 2028, pushing Bitcoin's market capitalization to $15 trillion. “Compared to $500, it's not an unthinkable number,” he said. Trillions in financial assets. ”
”[Bitcoin has] We have already achieved triple-digit results,” Morehead wrote. blog postrevealed that Pantera's Bitcoin fund has appreciated 131,165% since its launch in 2013. “Another idea is plausible.”
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The price of Bitcoin has plummeted from the $100,000 mark, blowing over $200 billion. … [+]
However, other Bitcoin price and crypto market watchers have also warned that Bitcoin could fall significantly before recovering.
“Bitcoin fell below $93,000 on Tuesday morning, deepening its correction and falling for the fourth day in a row,” Alex Kupczykevich, chief market analyst at FxPro, said in an emailed comment.
“On Monday, there was another attempt to push prices above $99,000, leading to further selling. , resulting in a broader profit-taking scenario. ” This means traders should pay more attention to Bitcoin's momentum around $91,8000 (76.4% of the upside), and without proper support in this area, the bears will Could be your next target. $87,000 area (61.8%). ”
