Bitcoin, the largest cryptocurrency by market capitalization, continues to tank along with other cryptocurrencies in the global market, with investor sentiment at “extreme fear” at Bitcoin’s Fear and Greed Index.
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- Bitcoin is currently down by almost 2% to trade at US$39,185.
- Bitcoin’s volatility can be gauged by the fact that it touched as low as US$33,184 in the last month while peaking at US$45,661 over the same period, according to CoinMarketCap.
- Volatility of cryptocurrencies is a matter of concern for investors, with some experts warning of a bear run for Bitcoin, or neutral at best.
- American banking giant JPMorgan, in a recent analysis, predicted Bitcoin’s fair value at US$38,000 — about 3% lower than its current trading price — and expects it to approach US$150,000 in the long term.
- Other top cryptocurrencies are mostly down or trading at a negligible high of less than 2 percent, with the exception of Solana which is currently at US$94.52, sporting a rise of 6% in the last 24 hours.
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