There was a big fall in India's currency rupee yesterday. After that, speculations started being made that in the coming days or rather by March, it may cross the level of 87 against the dollar. This means that a big threat is looming over the rupee. But there is another currency which is under greater threat than the rupee. Yes, this currency is none other than Bitcoin, the world's largest cryptocurrency. It is estimated that in the coming days, Bitcoin may fall by 32 percent or more from its lifetime high.
Some reasons are also being given behind it. In which the biggest reason is the possible pressing of the pause button on Fed interest rates. For this reason, there is no possibility of any cut in interest rates in the January Fed meeting due to better job data. The Fed Chairman had also indicated this in the last meeting. The effect of which can be clearly seen in the prices of Bitcoin. Let us also tell you where this report has come from and at what level the price of Bitcoin can reach.
According to Alex Kuptsikevich, Chief Market Analyst of FXPro, there may be a big fall in the price of Bitcoin. As the new year begins, Bitcoin prices have started falling. This means that the year 2025 is not going to be easy for cryptocurrencies, especially Bitcoin. In the last one month, the price of Bitcoin has seen a decline of more than 10 percent from its record high. If this recession continues further then the price of Bitcoin can reach $88,000. If this level also breaks then the prices can reach 74 thousand dollars. Which will be 32 percent less than the life time high.
About a month ago, on December 17, the price of Bitcoin not only crossed one lakh dollars, but also reached $108,268.45. Whereas on November 5, it was seen at $68,800. This means that in about 40 days, an increase of $ 39,468.45 was seen in the price of Bitcoin. The main reason for this was Trump winning the US presidential election. Who had promised to promote cryptocurrency in his election campaign and make America the crypto capital of the world. Due to which Bitcoin and the entire cryptocurrency market got a huge boost.
At present, there has been a significant decline in the price of Bitcoin. Life time high or rather, the price of Bitcoin has seen a decline of $ 19,008.35 in about a month. This means that Bitcoin investors have suffered a loss of 17.55 percent in the last one month. On December 17, the price of Bitcoin had reached $108,268.45. Whereas in the last 24 hours, the price of Bitcoin broke the level of 90 thousand dollars and came to 89,260.10 dollars.
At present, recovery is being seen in the prices of Bitcoin. According to data from CoinMarket.com, at 7:30 pm on Tuesday, the price of Bitcoin is trading at $ 96,309.22, up by about 6 percent. Whereas during the trading session the price of Bitcoin reached $97,352.66. According to experts, fluctuations in the prices of Bitcoin may continue. What remains to be seen is what kind of trend the cryptocurrency market will have after the oath of office of Donald Trump and what kind of movement will be seen in Bitcoin.
