Cointelegraph.com

Good correction? Bitcoin price regains $57K as institutions buy the dip

Bitcoin’s price bounces back to the $50,000 range as new investors show weak hands during the dip.
Bitcoin has finally bounced back, cleanly breaking the $50,000 barrier to trade at around $57,000 at the time of publishing. This signal comes as much-needed relief for bulls after the entire crypto market slumped for two weeks following the flash crash on Feb. 22, now known as “Bloody Monday.”The market slump seemed to persist despite the rising demand and confidence in the cryptocurrency markets both from retail and institutional investors. A blog post published by Robinhood, a trading platform often used by Gen Z and millennials, titled “Crypto Goes Mainstream” mentioned that the platform saw over 6 million new crypto users in the first two months of 2021 alone. Considering that monthly sign-ups in 2021 are 15 times the 2020 average, this is highly indicative of the shift in perception of retail investors toward cryptocurrencies.The dip in the market led Bitcoin (BTC) to hit a low of $43,700 on Feb. 28, which is 25% below the all-time high of $58,352 it hit on Feb. 21. Considering that these milestones are only seven days apart, the volatility in price seems extraordinarily high, especially to all the new crypto investors who rode the wave during the bull runs earlier in 2021 and in late 2020. Seasoned investors are often aware of — and wary of — the fact that such price corrections happen in the financial markets, even in the stock market. An instance of this was recently witnessed in the case of Tesla’s stock, which went through a …
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