Largest global cryptocurrency is likely to revisit $30,000, according to Bloomberg’s chief expert on commodities
Bloomberg chief commodities strategist Mike McGlone said taken to Twitter to estimate that Bitcoin could once again plunge to the $30,000 level.
“Bitcoin to revisit $30,000”
Bloomberg’s chief expert on commodities believes that the 2 percent decline shown by Bitcoin today in the morning (8 a.m. EST) indicates that the upcoming week for risk assets is going to he rough.
The chart shared by McGlone shows that Bitcoin and Nasdaq 100 futures are moving in the same trajectory and are both down at the moment. It seems to hint that Bitcoin is once again correlating with the stock market.
Today, on February 6, Bitcoin demonstrated a drop of over 3 percent, going down from $39,670 to the $38,309 area. However, by now, the price of the flagship cryptocurrency has restored a little, rising to $39,054 at the time of writing.
Bad week for Bitcoin
Since Tuesday, March 1, the main digital currency has been declining at a small pace. However, on March 3, it fell sharply and from that day until this morning, BTC lost 10.24% of its market value from $44,031 to $39,522.
Canadian Bitcoin ETF buys the dip
According to the data provided by the Glassnode data agency, the largest Canadian BTC ETF – Purpose Bitcoin ETF – has been acquiring more Bitcoin since the start of the year, despite frequent decline in the crypto market.
To date, the amount of digital gold has increased by approximately 5,000 BTC, from 29,494 to 34,613 Bitcoin.
This comprises $1,342,451,359.
Earlier this year, U.Today repeatedly covered that the aforementioned Bitcoin ETF acquired BTC on the downside. On February 28, the company increased its BTC holdings by 31%. On February 3, he bought 1,750 BTC worth $64,218,350 at the time.
