Bitcoin fell below $ 60,000 for the first time in more than two weeks

Bitcoin, the world’s largest and most famous cryptocurrency, fell below $ 60,000 on Tuesday, losing more than 12% from its record high of $ 69,000 on November 10.

Bitcoin fell 5% to $ 60,391.3 at 1253 GMT, down 6.8% to $ 4,253.08 after falling to its lowest since October 28, $ 58,563, while Ether, the second largest cryptocurrency in market value, fell 6.8%. bottom.

Cryptocurrency analysts were unable to identify the specific news that was causing the fall, they said, which seemed to have been caused by profit gains after the recent surge.

Bitcoin has more than doubled its value since June due to the mainstream adoption of cryptocurrencies and the launch of futures-based Bitcoin exchange-traded funds in the United States.

And on Sunday, a major upgrade called Taproot will allow blockchain to perform more complex transactions, expand cryptocurrency use cases, and make it a bit more competitive with Ethereum when it comes to handling smart contracts. I did.

Sylvia Jablonski, Chief Investment Officer of the Defiance ETF in New York, said:

“The next major level of support is 58,000, but I think it will be acquired here and demand-driven prices will start to rise.”

According to a monthly fund manager survey by BofA Securities, most investors expect Bitcoin to stay between $ 50,000 and $ 75,000 over the next 12 months, but 59% have Bitcoin in a bubble. I think there is.

“It could break the $ 100,000 level by the end of the year,” said Jehan Chu, managing partner of Kenetic, a blockchain venture capital firm in Hong Kong.

Data invested in Bitcoin products and funds reached a record $ 9 billion this year, with a total of $ 151 million last week for the 13th consecutive week of inflows, according to data from digital asset manager CoinShares. Has been reached.

Flows have been positive recently, according to a CoinShares report, but volume was curtailed in the second half, averaging $ 750 million per day, compared to $ 960 million in the first half.