Morgan Stanley Says Bitcoin’s 50% Correction Is Nothing New

Morgan Stanley Says Bitcoin’s 50% Correction Is Nothing New
Bitcoin’s 50% drop from November’s record high is nothing new and the correction is within historical norms, Morgan Stanley said in a research note entitled “State of the bear market.”Estimating the fair value of cryptocurrencies is difficult as they trade in a speculative manner, helped by the large availability of U.S. dollars and central bank liquidity, the bank’s head of cryptocurrency research, Sheena Shah, wrote in the report published last week.If bitcoin trades below $28,000 the market may expect further weakness as this is around last year’s lows. On the upside, $45,000 is the level to watch because that would…