Ethereum price has been under intense pressure lately. After soaring to an all-time high of $2,050 during the weekend, ETH price dropped by 33.5% to $1,352. Today, it is crawling back and is trading at $1,637, which is 25% below the all-time high.

Ether price correction was inevitable

The sharp decline of Ethereum and other cryptocurrencies caught many traders off guard. Analysts attribute this decline to profit-taking and a tweet by Elon Musk who said that BTC and ETH were getting expensive.

Another statement by Janet Yellen also contributed. In a New York Times (NYT) conference, she said that cryptocurrencies were inefficient. …

Bitcoin was on the brink of entering a bear market Tuesday as the volatile crypto asset suffered a double-digit plunge over the past 24-hour period.

A single bitcoin BTCUSD, 2.94% was trading at $47,944.40, down around 10%, on CoinDesk, representing a roughly 18% skid for the popular digital asset from its rise over the weekend to a record at $58,332.36. The world’s №1 crypto had tumbled by at least 20% from that recent peak at one point over the past 24 hours, meeting the commonly used definition for a bear market.

Using a volatile asset in exchange for goods and…

Is this the time to buy Bitcoin?

A sharp and broad-based sell-off has hit the cryptocurrency market, piercing a recent bull run powered by corporate and retail interest alike.

The global cryptocurrency market has tanked 14% in the last 24 hours, according to CoinMarketCap.com. The slump was led by bitcoin, which accounts for 60% of the cryptocurrency market by value. Bitcoin (BTC-USD) was down 12.5% to $48,876.16 by 8.15am Tuesday in London.

Most major cryptocurrencies were down on the day. Ethereum (ETH-USD), the world’s second biggest crypto, was down 14.8% to $1,600.96. Doge Coin (DOGE-USD), a meme crypto that gained popularity in recent weeks thanks to Elon Musk, was down 10% to $0.0508.

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Elon Musk’s embrace of Bitcoin earlier this month week rocketed the cryptocurrency almost 50% higher to more than $58,000. His cold shoulder this weekend has it in free fall.

Bitcoin plunged as much as 17% and briefly back below $50,000 in New York, giving up more than $8,000 in a matter of hours after the world’s richest man tweeted his concern that the price had risen too high too quickly.

In February alone, Bitcoin was up more than 60%, prompting commentary that the run-up is excessive. The digital token hit a new all-time high on Sunday and came close to…

Bitcoin and Ethereum prices have soared in recent weeks, buoyed by rising demand for major cryptocurrencies and US Dollar weakness, with recent price action demonstrating ‘safe-haven’ characteristics of what would usually show in Gold and Silver, but have suspiciously been absent of late. …

The price of bitcoin hit a record high above $51,700 on Wednesday after soaring past $50,000 for the first time on Tuesday. The surge brought the biggest cryptocurrency’s market capitalization to close to $1 trillion.

The price has rocketed by about 78% in 2021, continuing an astonishing rally after dipping below $4,000 last March. Its market cap has grown by more than $700 billion since the end of September.

Bitcoin was up 4.6%, to $50,817.80, as of 9:40 a.m. ET, having earlier hit an intraday record of $51,719.11.

Analysts have said that record amounts of monetary and fiscal stimulus are boosting the price by flooding markets with cash and creating fears about inflation and currency debasement.

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As mentioned in previous reports, Tesla’s $1.5 billion investment in Bitcoin and its plans to begin accepting the popular cryptocurrency as a form a payment, has fostered the anti-fiat asset’s surge higher in recent weeks. Indeed, the digital currency has climbed over 74% for the year and looks set to continue gaining ground on the back of loose monetary policy conditions and the expectation of further fiscal support out of the US.

BTC/USD WEEKLY CHART — CLUSTER OF FIBONACCI EXPANSION LEVELS IN FOCUS

BTC/USD weekly chart created using Tradingview

The long-term outlook for Bitcoin remains overtly bullish, as price tracks firmly above all six moving averages, and the MACD indicator surges…

After the Tesla news last week, it sure seemed like an inevitability — especially with Elon Musk’s knack for getting social media and the crowd all riled up.

And finally, here we are. As more and more institutional offerings start to become more accepting of Bitcoin, it may be tough to call a top on this and to say where this rally might run out of steam.

The BofA February fund manager survey also revealed that long Bitcoin was the second-most crowded trade (after long tech stocks) among investors at this point in time.

If anything, it highlights how much…