Bitcoin Rally Suffers Setback as it Falls Below $39,000
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Bitcoin dropped below $40,000 for the first time since Monday, losing more than 7% to trade at $38,570 on Friday evening
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Altcoins such as Ethereum, BNB, and LUNA also suffered huge declines as the cryptocurrency market lost more than 5% of its market cap
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Many cryptocurrency experts however remain bullish about the flagship cryptocurrency, tipping it to bounce back above $50,000
Flagship cryptocurrency, Bitcoin slipped below $39,000 on Friday evening as the geopolitical tensions in Russia worsened. This fall follows an initial pullback in global markets when news emerged that a Ukrainian nuclear power plant had caught fire.
This is the first time that the world’s leading cryptocurrency has slipped below $40,000 since Monday. It’s been a week of round trips for the crypto asset this week, as it first completed a rally from $38,000 to $45,000 between Monday and Wednesday. The cryptocurrency however lost steam, giving up most of its gains in the remaining days of the week.
Asides from Bitcoin, other popular cryptocurrency assets such as Ethereum, BNB, and LUNA, have also suffered significant pullbacks.
Ethereum lost more than 5% on Friday, falling below $2,600. BNB reached lows of $362, as LUNA struggles to hold above $80.
Read also: Ukraine Cancels Crypto Giveaway as War Continues
Despite the recent setback in the cryptocurrency market, many cryptocurrency investors and experts are upbeat about the short-term price movement of the assets.
Nigel Green, the chief executive of financial advisory group, deVere has predicted that BTC will hit $50,000 before the end of March.
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