The major currency of the cryptocurrency, bitcoin, is slowly losing its luster. It is estimated that its price can go up to 20 thousand dollars. On Tuesday afternoon, it had reached below 30 thousand dollars. However, later its price again came up above it.
Actually, after America, UK, China has started taking strict steps on crypto. It has shut down the largest crypto mining center in southern China. Statistics show that since mid-April, the price of crypto's favorite currency, bitcoin, has fallen by 50%. At that time it was at 65 thousand dollars which is now at 30-32 thousand dollars. While the S&P 500 is up 12% since December 2020.
Analysts believe that the fall in the price of bitcoin in this way is likely to lead to further downside. If its prices go below 30 thousand dollars, then it can go up to 20 thousand dollars. On Tuesday, its price had fallen 12% to $28,824. The cryptocurrency has seen a significant decline in the last 1 week. On Friday also, the prices of these currencies had fallen drastically.
One of the major reasons for the fall in prices is that investors are constantly selling it. On the other hand, Indian families, their companies, and rich people have started investing in cryptocurrency. In return, they are being offered personalized services from Crypto. India's largest crypto exchange by volume, WazirX has recently formed an over-the-counter (OTC) team. This team handles bulk trades to meet the increased demand from high net worth people to purchase crypto.
WazirX chief executive Nischal Shetty said that these people are investing 3% to 5% of their portfolio for crypto in it. Among these, bitcoin is the most popular. Shetty said that the number of HNIs has increased significantly in the last 8-12 months as compared to the last two years. "I think they are all risk-taking as they believe in having a diversified portfolio," he said.
The platform has seen a 30x growth in HNI and family office users. These funds get specialized services, including customized trading reports, taxation, and compliance. Zebpay also started offering OTC services last year. It provides personalized services to those who buy a minimum of 5 bitcoins.
However, even after this huge fall, it is believed that by August, the price of bitcoin will go to $ 47 thousand. The creator of the stock-to-flow bitcoin price forecasting models has said that even the worst will be seen for bitcoin in August when it trades at $47,000. In September things will turn slightly upside down and it will trade $43000 for the month to achieve the minimum target and reach $63000 in October when it is an all-time high. After this, it will accelerate further and it will reach 98000 in November and 1.35 lakh by the end of the year.
