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Old 13-01-2021, 20:06
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KostiaFM KostiaFM is offline
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Default Re: Daily Economic news by ForexMart

January 13. Bitcoin shows worst dynamics since March 2020

On Wednesday, the most popular cryptocurrency drops in price, showing the worst trading dynamics since March 2020. Since the beginning of the new year, bitcoin has been showing increased volatility: until recently, the currency was updating its historical highs in the area of ​​$42 thousand, and today it is already trading near $34 thousand.

At the same time, JPMorgan bank experts previously said that the cost of bitcoin could jump up to $146 thousand if the cryptocurrency acts as a competitor to gold as a «safe haven».

The jump in the price of bitcoin at the end of 2020 came as a surprise to the markets. The previous sharp rise in the digital currency was recorded at the end of 2017, when quotes rose to the level of $20 thousand. After that, there was a certain lull in the cryptocurrency market, and bitcoin entered a period of a protracted depression that lasted until the spring of 2020.

In the spring, with the onset of the coronavirus pandemic, the demand for bitcoin grew along with the appetite for risky assets amid massive injections from the US Federal Reserve and central banks of other countries.
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