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Cryptocurrencies are cooling after record growth


November, 26 2024
watermark Economic news

Bitcoin's recent unsuccessful attempt to break the $100,000 mark has led to the longest cycle of decline in the digital asset since Donald Trump's victory in the US elections. 


This wave of decline (approximately 6% in three days) cooled the speculative excitement, which was caused by hopes for the support of cryptocurrencies from the president-elect. At the moment, bitcoin is trading at $92,386, and the overall cryptocurrency market, which has grown by $1 trillion since November 5, has also slowed down.


Experts attribute this turning point to the fact that traders, perhaps for the first time, doubted the possibility of reaching $ 100,000 and decided to lock in profits. However, not everyone is pessimistic, and some analysts believe that this episode will be short-lived.


The decline in cryptocurrency prices coincided with a period of increased volatility in global markets caused by Trump's statements on the introduction of additional duties on goods from China, Canada and Mexico. Investor uncertainty led to a strengthening of the dollar and a fall in stocks, which, according to experts, affected the cryptocurrency market. Despite the current instability, many optimists predict positive market sentiment until 2025.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.