The last few weeks have been extremely challenging for the flagship cryptocurrency Bitcoin in terms of it keeping its value and stabilizing its performance above $50K. It has proven to be a very complicated feat to achieve because of the markets performing at their worst amid the emergence of a new COVID-19 strain from South Africa. The news single-handedly sent stocks market, forex, and commodities market, including the crypto market, in a vertigo effect, investors suddenly backed out on all of their commitments, and future investments and the trading in all of these markets was next to nothing.
This single-handedly caused multiple stocks, commodities, and cryptocurrencies to fail. Among all of these, Bitcoin was the first to feel the tremors and many smart investors who could see this approaching started extracting their investment in the pursuit of saving themselves from this fatal hit. However, World Health Organization has said that this new variant is not that lethal, and on account of this news, all financial markets are slowly stabilizing now.
This recent collapse of the crypto market was proposed as a bear market by many crypto analysts, but they were wrong because it was not the crypto market that was going through this alone, but other financial markets suggest stocks, forks, and commodities were experiencing the same thing. Because of this wrong analogy, the price of Bitcoin has remained in a consistent limbo, and there are predictions that it is expected to fall more still in the near future.
Bitcoin was seeing the worst of it, but despite that, it remained pretty excellent on issuing a recovery. Many optimistic investors seeing this thing assumed that Bitcoin might be able to achieve a new all-time high, and thus they started pouring their investment within the crypto. Other than this, many crypto analysts are also pretty confident that Bitcoin might be able to finish this year off on a strong note as it has done so in the past. But it is not only the performance of Bitcoin that matters as the crypto market has to do its part too and perform elegantly, but its performance at the moment is nothing like it used to be.