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I imagine a lot of you were horrified to see your portfolio today as was I. Bitcoin has hit its lowest levels since August 2021. Crypto hasn’t had much luck since the beginning of this year. The highs of November 2021 feel like a distant memory. Bitcoin and Ethereum are down 10 and 12 percent and dropped as low as $38k and $2.7K respectively in the last 24 hours.
Crypto is following the volatility of the stock market. Both Dow and the S&P are on track for their third straight week of losses. Russia’s looming ban on cryptocurrency also plays a part in this sell off.
But enough of doom and gloom, these setbacks are temporary. Goldman Sachs still sees Bitcoin reaching $100,000 in the next few years.
