Reuters.- Bitcoin, the world’s largest and most well-known cryptocurrency, fell below $ 60,000 on Tuesday, extending its losses by more than 12% from a record high of $ 69,000 that it touched on November 10.
* At 1235 GMT, bitcoin was down 5% to $ 60,391.3, after depreciating to $ 58,563, its lowest level since October 28. For its part, ether – the second largest cryptocurrency by market value – was down 6.8% at $ 4,253.08.
* Cryptocurrency analysts were unable to identify any particular news fueling the crashes, which they said appeared to be driven by profit-taking after the recent strong rally.
* The value of bitcoin has more than doubled since June, driven by the widespread adoption of cryptocurrencies and the launch of futures-based bitcoin exchange-traded funds in the United States.
* The cryptoasset underwent a major update on Sunday, called Taproot, which allows its blockchain to execute more complex transactions, potentially expanding virtual currency use cases and making it a bit more competitive with ethereum to process contracts smart.
* “The drop below 60,000 places (bitcoin) below the 62,000 support level, slightly in the ‘short-term’ bearish zone,” said Sylvia Jablonski, chief investment officer at Defiance ETF in New York.
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* “The next key support level is 58,000, but I think buying will end here and demand-driven prices will start to play higher,” he added.
* Most investors expect bitcoin to remain between $ 50,000-75,000 over the next 12 months, according to BofA Securities’ monthly survey of fund managers, while 59% believe the crypto asset is in a bubble.
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