Deutsche Bank says bitcoin just went from ‘trending to sticky’
A photo illustration depicting the cryptocurrency bitcoin.
Jakub Porzycki | NurPhoto via Getty Images
Bitcoin suffered a huge dive this week, the digital currency fell to its lowest level in three months. It plunged 30% to nearly $ 30,000 at one point on Wednesday, before cutting losses later in the day.
Thursday bitcoin rebounded above $ 40,000 as the crypto market tried to recover. Bitcoin was last down 1% at a price of $ 39,703 on Friday, according to data from Coin Metrics.
Deutsche Bank research analyst Marion Laboure believes the sale was long in coming.
And she believes there might be more trouble ahead for the cryptocurrency market as it hits a tipping point.