Bitcoin once fell to about 43,000 US dollars, a three-week low, a 26% drop from the high of 58,000 US dollars set on February 21, and entered a technical bear market. At the same time, this does not mean that Bitcoin’s gains this year have narrowed to 50%.
Not only Bitcoin, but the digital currency market fell across the board. Among them, Ether fell to a low of around $1,300 on Sunday.
Bloomberg said that the disappearing premium shows that investors are looking for exit opportunities. And Eric Balchunas, a senior ETF analyst at BI, said that this represents investor panic and some investors’ profit-making departure.
Yahoo Finance quoted cryptocurrency trading company QCP Capital as saying that in the medium term, the problem for Bitcoin now is whether holders can withstand further declines, and when the decline will cause the bulls to feel pain.