Prices almost reached $42,000 on Jan. 8 and after Bitcoin slid as much as 26% over Sunday and Monday in the biggest two-day slide since March. Bitcoin’s resurgence has been attributed to a number of factors including more buying from large institutional investors. It has wiped out about $185 billion in value since Friday, more than the market capitalization of 90% of individual companies in the S&P 500. Considering this a correction,” it will still experience severe corrections along the way,” chief market strategist at Miller Tabak + Co. said. „It will still have big declines of anywhere from 30-60%, And it’s going to happen more than once,” he added.
“Investing in crypto assets, or investments and lending linked to them, generally involves taking very high risks with investors’ money,” the Financial Conduct Authority said in a statement. Revenue for miners is worth less in the real world. If more banks block transfers, then investing through cryptocurrency exchanges would become less attractive. However things could always change. Last week, Social Capital’s Chamath Palihapitiya said bitcoin could go above six digits. “It’s probably going to $100,000, then $150,000, then $200,000. (…)“In what period? I don’t know. [Maybe] five or 10 years, but it’s going there.”