"Mainstream cryptocurrency Bitcoin plummeted earlier this month, crashing down to a sliver over $60,000 - which is well under half of its all-time high value it reached just over four months ago. It was a bloodbath that was followed by a short moment of reprieve over the weekend, when it rebounded above the $70,000 mark once more. But don't call it a comeback."
"Bitcoin's woes earlier this month resulted from a surge in liquidations, prompting other traders to follow suit. Uncertainty over president Donald Trump's pick for Federal Reserve chair also had investors uneasy, with many choosing to bow out of riskier bets like crypto. The US government reported earlier today that 130,000 jobs were added to the economy in January alone, double the economic forecasts, leading many traders to quickly rein in any expectations of an imminent interest rate cut."
Bitcoin fell sharply earlier this month to just over $60,000, far below its all-time high from about four months prior. A brief weekend rebound took the price above $70,000, but the rally faded and Bitcoin slipped back to around $66,000, about 47 percent below its October peak. Rapid liquidations and large selloffs of Bitcoin ETFs amplified the decline. Uncertainty surrounding the Federal Reserve chair nomination and stronger-than-expected jobs data reduced expectations for imminent rate cuts, prompting traders to reduce exposure to risky assets like cryptocurrency. Historical post-halving performance remains a focal point for future recovery expectations.
Read at Futurism
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