Business Stance

Feb 22, 2021

1 min read

Time to buy? Bitcoin falls 6% as a dip in global equities curbed investors risk appetite.

Bitcoin fell sharply on Monday after surging to a record $58,354 a day earlier, as investors selloff in global equities curbed investors risk appetite.

Bitcoin rallied over the weekend to record levels. It rose so much that it hit a market capitalization of $1 trillion on Friday.

This record gains were fueled by the recent attention the crypto giant has been getting from mainstream investors and companies like Tesla Inc, Mastercard Inc and BNY Mellon. Making it a pretty attractive asset.

However, it fell as much as 6% on Monday, and was last trading down 4.4% at $54,941. Also rival cryptocurrency Ether (ETH) fell 7% to $1,798 after also hitting a record high on Saturday.

Analysts attributed the dip to technicalities, as the dip was not tied to any particular news catalyst. They also predicted a dip and small correction coming in this week. They however don’t see this dip affecting the medium-long term prospects of the crypto.

As the lifelong trading principle goes, “buy the dip and sell the rip” do you think this dip provides a buying opportunity for traders meaning to go long on this crypto giant (bitcoin).