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Bitcoin sinks below $40k to hit 14-week low on bloody Wednesday

Bitcoin’s value against the US dollar reached its lowest level since February 8, when Tesla announced its $1.5 billion BTC purchase

Bitcoin’s correction continued this morning as its price tanked below $40,000, piercing this level for the first time since February 8. At the time of writing, the flagship cryptocurrency is changing hands around $40,105, with buyers trying to rebound off lows of $39,200.

The BTC/USD pair on Coinbase has shed over $3500 in the past 24 hours, with total intraday losses of 12.7%. Bitcoin now trades at its lowest level in 14 weeks, with much of the gains erased over the past two weeks.

Data from CoinGecko shows that the world’s largest cryptocurrency by market cap has lost 26.4% of its value in 14 days. The price is currently 40 percent down from its all-time high of $64,895, reached on 14 April 2021.

The dump appeared to gather speed after Tesla CEO Elon Musk flipped on his sentiment about Bitcoin. Despite an affirmation that Tesla had not sold any of its BTC holdings, the fear index within the market has remained extremely high, with whales depositing huge amounts of BTC to exchanges. This will likely keep the bearish pressure in the short term, according to one analyst.

The negative sentiment also got some fuel on Tuesday when Chinese banking and payment regulators warned financial institutions against conducting business with virtual currency-related firms.

While market data shows this to be the largest correction for Bitcoin in the current cycle, the 40% dump is yet to match the last major bleeding seen in March 2020. At the onset of the coronavirus pandemic, BTC crashed 60% from a peak of $10,000 to reach a floor of around $3,800.

Whether bears take a stranglehold and push prices lower might become clearer if the rot deepens towards the critical $30k level. On the contrary, strong buying could see a short-term rebound.

The bloodbath has not spared the rest of the crypto market. Ethereum, which reached an all-time high above $4,362, has plunged below $3,000 to trade at $2,977. Binance Coin (BNB), Cardano (ADA), Polkadot (DOT), and Litecoin (LTC) have all declined double digits to hit new 7-day lows.

The post Bitcoin sinks below $40k to hit 14-week low on bloody Wednesday appeared first on Coin Journal.

Bitcoin Holders See Opportunity In Price Correction – Where Do You Buy BTC?

Bitcoin remains attractive to long-term investors despite its latest sell-off, according to data that shows aggressive buying from holders

Bitcoin’s status as the most recognised and widely invested cryptocurrency remains so, despite recent turbulence in the market that sent price down by nearly 20% over the past 7 days. The sell-off, triggered by Tesla CEO Elon Musk’s offhand remarks about Bitcoin mining, appears to be easing, though.

At the time of writing, BTC price is around $44,900 — nearly 25% off its 30-day high. However, it remains 370% up year-on-year, with a potential uptrend likely in the short term.

Where to buy Bitcoin in 2021

Bitcoin is available almost on every exchange and broker platform offering cryptocurrencies. While it is easy to buy BTC online today, choosing a platform that offers you security, low costs, and ease of use is recommended.

That’s why we recommend that you visit the following platforms that are not just regulated and reputable but offer several other products that can enhance your portfolio.

Plus500

Plus500 is one of the leading online brokers in the market. The firm offers access to multiple products, including stocks, commodities, and cryptocurrencies. Among crypto products, the easiest to buy and trade is BTC.

Just register for an account, verify it and proceed to buy BTC with a credit card or bank transfer among other payment methods.

Register here

Coin Kong

Coin Kong is another top platform for buying Bitcoin from anywhere in the world. The platform connects crypto users to major brokerage firms across the globe, from where you can buy Bitcoin among other top cryptocurrencies like Ethereum, Litecoin, and XRP.

Please note that you cannot access Coin Kong if you are in the US.

Register here

What next for Bitcoin?

Short-term, prices will likely go up, even if BTC crashes below $40k to retest December 2020 prices near $30k. The bullish outlook is from the overall positive sentiment in crypto and the aggressive accumulation being witnessed at the moment.

According to data platform Glassnode, the dip to lows of $42k and the current price levels of $44,900 are nothing new and “just another day in the office” for HODLers. Per the firm’s latest report on Bitcoin, the correction has provided an opportunity for further accumulation by long-term investors.

“In almost perfect opposition to new entrants panic selling, long term holders appear to be buying the dip and accumulating cheaper coins.”

Crypto analyst CredibleCrypto has noted that this dip represents a great opportunity to buy Bitcoin.

The post Bitcoin Holders See Opportunity In Price Correction – Where Do You Buy BTC? appeared first on Coin Journal.