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Bitcoin crashed in a maximum of two months
Bitcoin Kicks Off New Week With More Than 6% Shedding On Monday
Nov 23, 2021
1 min read
Anna BakkerNews analyzer

The fall of the first cryptocurrency was the highest in the last two months.

At the start of the American session on Monday, bitcoin jumped nearly $ 2,000, but the bulls were greeted by an avalanche of sales. At the end of the day, BTC returned to last Friday's lows of around $ 55,500.

The total cryptocurrency market capitalization, according to CoinGecko, fell 5.5% to $ 2.63 billion. Only one asset out of the top ten showed growth - Avalanche (AVAX). The rest of the altcoins fell from 4.5% (XRP) to 8.3% (Solana).

Nasdaq-listed enterprise mobile software developer Phunware announced an additional purchase of 398 BTC worth about $ 24 million at an average price of $ 59,917, cryptocurrency.tech writes. As of November 22, the company owns approximately 529 BTC at an average purchase price of $ 60,100.

According to a new report from CoinShares, investors have poured $ 154 million in crypto funds over the past week, despite a 12 percent correction in the bitcoin price.

The overwhelming majority of new investment continues to flow into bitcoin - investments in funds based on it amounted to $ 114 million. Ethereum recorded an inflow of $ 14 million. Solana's total revenue for the last month was $ 43 million.

Some altcoins have started to see an investment churn for the first time in months. Cardano-based funds lost $ 2.1 million in capital in the week and $ 23 million in the last month.

ARK Invest CEO Katie Wood said institutional investors will raise the BTC rate to $ 500,000. In her opinion, this is partly due to the low correlation of bitcoin with other assets.

“The technical picture of bitcoin is on the side of the bears. After a technical rebound on Friday, the first cryptocurrency hit resistance at the 50-day moving average over the weekend. Strengthening sales from this level indicates a short-term change in trend and a mood for a deeper and longer correction, ”- noted in the team of analysts at GravityPlus.

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