Is Bitcoin ‘Melting’ Or Has It Reached A Price Floor?

Is Bitcoin ‘Melting’ Or Has It Reached A Price Floor?

The world's largest digital currency by market capitalization dropped to as little as $42, 102. 35 this afternoon, according to CoinDesk data. At this point, the cryptocurrency was trading at its lowest since February 8, additional CoinDesk figures reveal. These latest declines fit into a trend of more sustained weakness, as bitcoin has lost more than 30% since reaching an all-time high of nearly $65, 000 in mid-April. [Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.] At the time he wrote the piece, the cryptocurrency was trading close to $44, 000, and Kramer noted that the digital currency "may have further to fall." Several analysts weighed in, shedding some light on the digital currency's recent declines, as well as where the innovative asset may go next. "Bitcoin is not full-on melting, but we are seeing the first large scale correction since the bull run started in early 2020," said Nick Mancini, research analyst at crypto sentiment data provider Trade The Chain. "Bitcoin is now 35 percent from it's all time high of $64, 900 in April, and it seems a combination