LONDON — For Deutsche Bank, bitcoin has lost its flair.
Bitcoin suffered a huge plunge this week that saw the digital currency fall to three-month lows. It dived 30% to nearly $30,000 at one point on Wednesday, before paring losses later that day.
On Thursday, bitcoin bounced back above $40,000 as the crypto market attempted to recover. Bitcoin was last trading 1% lower at a price of $39,703 on Friday, according to Coin Metrics data.
Deutsche Bank Research Analyst Marion Laboure thinks the sell-off was a long time coming.
And she believes there could be more trouble ahead for the cryptocurrency market as it reaches a critical point.