Live Stock Market Updates: Bitcoin Stabilizes At Near $ 30,000, Dow Bets On The Rally

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With bitcoin below $ 30,000 this morning, there is notable symmetry with digital currency this year.

It spent a little over three months increasing exponentially, and now it has spent just under three months decreasing exponentially. For now, it’s back to where it started in 2021, which was in the range of $ 29,000.

We bring this up so as not to remind you that the markets go up and the markets go down. We mention it because it shows quite perfectly how bitcoin is a completely speculative and dynamic asset.

Bitcoin carried a ton of momentum from 2020 to the first quarter of this year. At the peak of this wave was the public listing of Coinbase Global Inc. on April 14. The cryptoanarchists were at the proverbial door, and it looked like a big buying opportunity. On the same day, bitcoin hit a new high of nearly $ 65,000.

In hindsight, however, that was the turning point. “It’s going to be a roller coaster ride,” Wedbush Securities analyst Dan Ives told us that day. It was an understatement.

The momentum peaked that day, and it was all downhill from there. Bitcoin is now down more than 50% from its all-time high, and everyone in cryptoland is trying to convince themselves that this is the bottom.

But without the fundamentals that investors can hang on to, it’s impossible to determine the fair value of bitcoin. So her bottom will likely be marked by the same thing as her top: exhaustion. He would buy exhaustion on the way up and he would sell exhaustion on the way down.

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