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Bitcoin (BTC) is being redeemed, but experts warn of danger
Bitcoin is in demand in downturns and bought back in downturns
Dec 15, 2021
1 min read
Anna BakkerNews analyzer

At the end of Tuesday, the first cryptocurrency jumped $ 1.5 thousand, again rising above $ 48 thousand.

The BTC and altcoin purchases at the end of the day were linked to the US Congressional Banking Committee, which was holding a stablecoin hearing. Yesterday, a group of congressmen wrote an official letter to the White House administration demanding that legislative clarifications be published as soon as possible. The release of these norms will be a positive signal for digital currencies, writes the cryptor.

On CNBC, the president of Strategic Wealth Partners, Mark Tepper, said that the fall in BTC is a time to buy. As CoinPot writes, the growing interest in digital currencies is a result of the coronavirus pandemic.

Beyond Bitcoin, Tepper pointed to the huge potential of Ether and Polkadot. These assets are based on blockchains used to deploy applications, which automatically stimulates the flow of new users and potential investors.

Chinese cryptojournalist and analyst Willie Wu said that retail investors are now actively buying bitcoin. The last time such activity was so high was in March 2020, when WHO announced the start of the coronavirus pandemic, writes RBC.

The situation on the cryptocurrency market at the moment looks rather sad for the bulls: bitcoin fell out of the ascending channel, which was formed in July, and is confidently moving towards the $ 41 thousand mark. thousand, writes Bitcryptonews.

The CEO of cryptocurrency exchange Kraken Jesse Powell admitted in an interview with Bloomberg TV that Bitcoin could fall below $ 40K as part of the current correction. Powell believes that this will be a good opportunity to buy an asset, writes RBC.

Last week, analyst Peter Brandt warned the crypto community that a dangerous double top pattern is forming on the bitcoin chart, which indicates a change in trend and a possible transition of the asset into a bear phase.

“Today, financial markets will cautiously heed the words of Fed Chairman Powell and read the comments of the FOMC. Deviations from expectations can affect the entire financial world, affecting Bitcoin. In general, a downtrend has been prevailing in cryptocurrencies for more than a month, ”the GravityPlus team of analysts notes.

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