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Bitcoin has fallen over five percent on Tuesday, and December has been marked by weakening for the world’s largest cryptocurrency. The fall on Tuesday brought the value of bitcoin to below $ 48,000, which is a fall of 29 percent from the peak in November.
The world’s second largest cryptocurrency, ether, also fell well above five percent on Tuesday.
Matt Maley, strategist at the American brokerage Miller Tabak + Co says Bloomberg that it is strange to see such a sale of cryptocurrency towards the end of the year. He points out that many cryptocurrencies have been big winners in 2021 despite a somewhat turbulent development recently. He says that it is possibly institutional investors who are behind this week’s fall.
Maley goes on to say that many of these institutional investors may have “come late to the party” and thus missed out on much of the rise in cryptocurrencies this year.
– Their return in cryptocurrency is not very large. In fact, many of them are likely to suffer losses. Therefore, more people may reduce their exposure somewhat, and instead increase their exposure in other asset classes, such as equities, says Maley, according to Bloomberg.
Vijay Ayyar, head of business development at the crypto exchange Luno in Singapore, tells Bloomberg that for bitcoin, the fall is not particularly worrying.
– There is nothing to be worried about right now, says Avyar, according to Bloomberg.
He adds that the crypto exchange has a “bullish” view of bitcoin as long as the values are close to the range of 48,000-49,000 dollars.(Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our cases using a link, which leads directly to our pages. Copying or other use of all or part of the content may only take place with written permission or as permitted by law. For additional terms look here.
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