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Bitcoin Lost Almost $3,000 Worth Of Value In 24 Hours

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Bitcoin is reputed for its volatility so it’s not exactly shocking to hear that it shed almost $3,000 worth of its value overnight; just as it was closing in on its all-time high. On 24th November 2020 the crypto peaked above $19,300; and then managed to just hover around that price for a whole day before sliding sharply.

 

The sharp decline first saw a loss of about $1,100 in value. Not long after, the unstableness caused a further decline before it eventually leveled out.. While the price drop is certainly disappointing when looked at on a daily basis, if you zoom out to the monthly view you see that the price is still higher than it was in the first two weeks of November and could easily rebound.

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Speaking to CNBC, Antoni Trenchev, a managing partner and co-founder of Nexo, a large crypto lender, said, “Long term I don’t see anything derailing Bitcoin’s irrevocable rise higher. That doesn’t mean we won’t have pullbacks along the way. Look what happened in March; Bitcoin plunged 40% in one day during the coronavirus market panic. 20-30% falls can and should be expected. Any healthy market needs to have pullbacks and periods of consolidation. Already in 2020 we’ve seen a gain of 160%.”

 

Bitcoin’s highest recorded price was $19,783 which it achieved in December 2017, that bubble then burst and the price fell drastically to just $3,122. This month it reached $15,000 on 5th November 2020; $18,000 on 19th November 2020; and finally $19,000 on 24th November 2020. If you’ve followed Bitcoin for a while, you’ll know that it won’t take long until we find out whether today’s dip was just a blip or the start of a bigger decline in price.

 

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