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Bitcoin has slipped below the $80,000 marking for the first time since November to shed over 5% in the last 24 hours. The fall provides a stark contrast to its recent highs with the cryptocurrency now likely 25% lower than it was in mid December 2024.
Multiple factors have fueled this decline, some of which include increased scrutiny over regulation in the US, interest rates rising, fire sales from major investors and subdued global economic uncertainty.
Is This a Temporary Dip or a Long-Term Downturn?
Experts are now confused regarding the future of Bitcoin. Some expect a near-term correction considering past market cycles will be followed by recovery once the economic conditions improve. Others give a warning that Bitcoin may fall down lower to $70,000 or even $60,000 before finding its stability again.
DECISION TIME FOR BITCOIN! pic.twitter.com/KvIMxhuyoE
— Mister Crypto (@misterrcrypto) February 28, 2025
Citing the issues, the recent price drop has been attributed to the government tightening regulations on cryptocurrency exchanges, the Federal Reserve increasing interest rates and extremely large sell-offs by big investors triggering panic in the market. Additionally, inflationary fears and concerns about global conflicts which had investors playing it safe.
While uncertainty remains, it has been seen that Bitcoin tends to recover after tumbles. Whether this is a pause in the rally or not. It should be classified as the next longer-term downtrend once dictated by market reactions in the coming weeks.
