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Implications of Bitcoin's price drop and its recovery in the context of global market factors

With a value of $1.17 trillion and a loss of 1.8% over the last day, the cryptocurrency market has left its trading range for the first time since mid-month. Ethereum is down 1%, Bitcoin is down 2.1%, and the top altcoins range from -5% (XRP) to +4% (Dogecoin).

On Monday, Bitcoin dipped below $29K for the first time since June 21. A swift fix was put into place on Monday afternoon. The first cryptocurrency dropped to its 50-day moving average and came close to retracing the recovery from the June lows at 61.8% Fibonacci. Now that Bitcoin has sufficiently calmed, its next move might be the beginning of a rather lengthy trend. The medium-term bull trend may be broken by consolidation below $29K.

There are more opportunities for Bitcoin's development to resume after profit-taking, therefore the worst-case scenario is not the predominant one. Institutional demand for Bitcoin is also being aided by increased risk appetite on global markets as a result of China's stimulus measures and multi-month highs in US indexes.

Bitcoin News

CoinShares reports that after four weeks of inflow, investments in cryptocurrency funds decreased by $7 million last week. Investments in Bitcoin fell by $13 million, while those in Ethereum increased by $7 million.

Altcoins including XRP (+$2.6 million), Solana ($1.1 million), Uniswap ($0.7 million), and Polygon ($0.7 million) attracted the attention of investors.

The wallet moved all 1,037 BTC that were initially purchased for $4.92 per BTC, or more than $31 million, during its more than 11-year period of inactivity.

On Monday, the Bitcoin network mined 800,000 blocks. A new block is produced every 577 seconds or thereabouts. Only 40,000 blocks remain to be mined before the subsequent halving, which will occur around April 16, 2024.

A CryptoVantage survey found that 46% of Americans think Ethereum has the ability to surpass BTC in capitalization while 70% of Americans anticipate Bitcoin to hit record highs within the next five years.

Bitcoin will approach $100,000 when BlackRock's bitcoin ETF launches, predicts James Seyffart, a strategist for Bloomberg. The likelihood that BlackRock's proposal will be accepted is currently about 50%, but it may shortly increase significantly.

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