Bitcoin fell 30% this past week, and that shoves it far below it’s high of $126,000 just set a few months ago in October. This is being attributed to not only a lack of interest in cryptocurrency but also a growing pessimism in what is a technological marvel that is completely unbacked by any physical property or value, which basically is the ultimate in fiat currencies, where only the faith in them is what will keep them afloat. Cryptocurrency wasn’t the only tech value item to suffer, as tech stocks also took some serious hits as well. The tech industry sell-off appears to be around the recent news of potential disruption from AI in some fields, as well as realizations and news that AI isn’t delivering the replacement in other areas that people had previously hoped.
Some market watchers have suggested $70,000 is a key level to watch and a break below that could lead bitcoin to decline further.
Source: Bitcoin drops 15%, briefly breaking below $61,000 as sell-off intensifies, doubts about crypto grow
