The value of the flagship cryptocurrency was $16,231.45 on November 28.
Larger losses were experienced by important cryptocurrencies, with Ethereum (ETH) down 3.52% and BNB losing 5.87% in a single day. This occurs as protests over severe COVID regulations grow in number across China, with police in Shanghai unleashing pepper spray on demonstrators.
Unexpected events also included those shouting for President Xi Jinping to step down. The zero COVID rules, which still entail lockdowns and isolation periods nearly 3 years after the pandemic started, have drawn widespread ire. The stock market has indeed experienced selloffs as a result of this instability, not just the cryptocurrency markets.
Some analysts now think that the problems of Bitcoin (BTC) could get worse as a result.
Mark Mobius, the co-founder of Mobius Capital Partners set a depressing objective of $10,000 for Bitcoin (BTC). He claimed that investing in digital assets, whether with his funds or his clients, was very dangerous in an interview with Bloomberg. Nevertheless, he noted that it was remarkable that the decline of Bitcoin (BTC) following the failure of FTX has not been greater.
Even though Cathie Wood of ARK Invest has cautioned that other cryptocurrency businesses may fail as a contagion extends throughout the industry, she maintains that her price prediction of $1 million for Bitcoin (BTC) by 2030 will stand.