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The price of Bitcoin goes back above the $50k mark as there was a mass panic selling by the new investors and the Institutions buying the BTC at the right time.
Bitcoin is Back
The price of Bitcoin is finally up and running as it swiftly crossed the $50k mark and is currently trading around the price range of $57k. This rise in prices and an upward trend has surfaced after almost two weeks of a bearish movement by the crypto asset and dropping its value by a massive amount. The bullish analysts and investors are finally taking a sigh of relief as Bitcoin recovers from this setback which started after the massive price crash of BTC on 22nd Feb 2021. This day has come to be known as the Bloody Monday.
The Bitcoin market continued with its price slump after 22nd Feb 2021 even when the demand for the crypto asset was high, and institutions, as well as retail investors, were confident about Bitcoin.
Robinhood, a trading application used by millennials and Gen Z, published a blog post that was captioned with the title ‘Crypto Goes Mainstream.’ The blog post stated that the application had seen a rise in new crypto asset users by over six million in the first two months after the beginning of 2021. This data shows that the monthly sign-up average in 2021 has gone up by almost fifteen times compared to 2020. It highly suggests that there has been a significant increase in awareness and interest towards the crypto assets by the retail investors in the past two months.
Impatient New Investors
After the cryptocurrency enjoyed its upward trend and hit its all-time high price of $58k on 21st Feb 2021, the crypto market started dipping, and it led to a price drop of Bitcoin to around $43k, on 28th Feb 2021, which was almost a 25% decrease after its ATH. This huge shift in price milestones in just seven days showed the volatility of the crypto asset, and it significantly affected the choices of new investors who had been investing in BTC during the later months of 2020 and in the starting months of 2021.
The investors who invest seasonally are mostly ready and aware of the fact that the market correction could happen at such a time, and the prices could plummet in the financial and even the stock markets. A great example of this market correction could be the recent case of the TSLA stock. Tesla’s stock has just gone through a significant price correction which has decreased its price by about 11.4%.
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