Bitcoin Briefly fell below $41K late last night before recovering to $42,704 at time of writing. In total though, Bitcoin fell about $3,000 in the last 24 hours. When I published my post a couple days ago, ' Bitcoin goes to $48K - Onward to $50K?', I posited that we might see a spike to 50K by the end of this week. That didn't happen (yet) but Bitcoin did spike to $48.5K before encountering a vicious smack down to $46K. After a day of rest, the slide continued further to what we see this morning.
I don't need to explain the high volatility of Bitcoin. The downward move amounts to almost $6,000 so a strong heart is needed, not a feeble one when dealing with Bitcoin. The question is, 'What caused this sudden down move'? The answer might surprise you. It sure surprised me.
It's the Koreans?
An article out on Zero Hedge yesterday titled, 'Bitcoin bloodbaths, Ethereum outperforms as BlackRock's Fink backs Ether ETF' gave a hint as to who's responsible. The article notes the Korean Won was used for almost 43% of all Bitcoin trades in November, 2023 and from September to the present, the Won's market share grew from 17% to about 41% while the Dollar's share decreased by 11%.
So it appears that maybe South Korean investors have sold and are taking a profit. Good for them. That's the name of the game, buy low and sell high!
Another thing that may be taking the spotlight off Bitcoin is the SEC's approval of an Ether ETF which has sent Etherium soaring and outperforming. Nevertheless, Bitcoin has been on a tear for the better part of 2023 and is certainly off to a great start in 2024, although the pullback of the last day or two brings Bitcoin back to where it was on January 1.
Volatility is Bitcoin's 'middle name' so these moves are really no surprise to me. We're seeing some profit taking and competition from Etherium which is a good thing, really. Will Bitcoin go down further? Should we expect it to go higher now after this healthy correction?
The whole ETF game is only days old. I think we all know the answer if we look at it from a long-term point of view. Bitcoin's just getting started. For now though, it appears to be taking a breather.
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