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Date: 2022-11-29 20:29:42
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The bitcoin price has dropped to around $16,000 per bitcoin this month, down more than 70% from this time last year (though some investors think the bitcoin price is poised to roar back surprisingly soon).
Now, as Elon Musk suddenly sends the price of this tiny bitcoin rival up 300%, veteran fund manager Mark Mobius has warned the bitcoin price could fall as low as $10,000 as traders and investors count the cost of the FTX implosion.
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Bitcoin is "too dangerous" for Mobius or his fund Mobius Capital Partners, he told Bloomberg, though he expects the bitcoin faithful to continue supporting the cryptocurrency, adding it's "here to stay."
Last week, Ark Investment Management chief executive Cathie Wood, one of the most bullish bitcoin and crypto investors, predicted a huge bitcoin rally and said she was doubling down on bitcoin during the downturn.
The bitcoin price, known to be highly volatile, has swung wildly over the last two years, climbing from under $10,000 per bitcoin in 2020 to almost $70,000 last year.
"It’s amazing how bitcoin prices have held up," in the aftermath of the devastating FTX meltdown that's wiped around $200 billion from the combined bitcoin and crypto market even after an eye-popping $2 trillion was already erased from the market, Mobius said.
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Meanwhile, bitcoin price watchers have seen some slight confidence return to the market over the last 24 hours.
"The cryptocurrency market is showing signs of buying on the downturn and has been performing better than stocks for the past 24 hours, bolstering buyers' hopes," Alex Kuptsikevich, FxPro senior market analyst, wrote in emailed comments.