Bitcoin, the world’s largest cryptocurrency by market value, lost ground on Monday after reaching yearly highs last week. Bitcoin fell 3% in the last 24 hours to trade around $42,400 after hitting $45,000 last week. There are a number of factors for the drop in price, with some analysts attributing it to macroeconomic fundamentals. Friday’s economic data from the U.S. came in strong, with better-than-expected nonfarm payrolls and lower employment. The dollar rallied and bitcoin dropped slightly immediately after. The pullback could also stem from investors taking profits after last week’s gains. Looking ahead, LMAX Digital said in a note to investors that the outlook for crypto assets into year-end “remains bright.” “We suspect these dips in bitcoin and ether will be eaten up rather quickly, in favor of higher lows and bullish continuations to new yearly highs,” the note said.

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Author: Lyllah Ledesma, Omkar Godbole

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