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A Weekly Report on Crypto: A Rollercoaster

Are cryptocurrencies in the middle of a bear market?

Blockwatch Rollercoaster
Photo by twenty20photos

Bitcoin has always had a reputation for being volatile, but this week has been extremely full of twists and turns and with a lot of bad news. But, hey, Bitcoin has been declared dead more than 400 times.

Let’s take a closer look at what happened this week, and let’s start with the crypto prices.

Are cryptocurrencies in the middle of a bear market?

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#CoinPriceMarketcapChange (24H)Price Graph (7D)
 

Bitcoin had reached a peak of $69k in early November, but since then, as you can see, there is a lot of red this week, Bitcoin’s plummeting below $55k, but why did it happen exactly?

They have been four major whistleblowers this week:

  • Mt. Gox Creditors Set to Receive Over $9 Billion in Bitcoin. The defunct Exchange Mt. Gox to pay $9 billion to Creditors drives investors’ fear (10% decline intraday). 
  • The new coronavirus variant (Omicron) is causing concern among investors, who fear a crash of financial markets, have abandoned positions taken on the riskiest assets (diversification), including bitcoin.
  • Bans on mining operations; it’s seen as an environmental disaster, and Swedish authorities announced this week that Bitcoin mining should be curbed. Norway has a similar perspective, which is something to follow closely.

Conclusion

Is bitcoin preparing for a major crash? Nothing to worry about, prices have always behaved this way during Thanksgiving, and whales master their feeling and are making smart moves and buying the dip (Buy When There’s Blood in the Streets).

One should not forget that the technology behind cryptos is revolutionary, and despite plummeting prices, the crypto sphere is still flourishing.

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