Deutsche Financial institution says bitcoin simply went from ‘stylish to cheesy’

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A photo illustration depicting the cryptocurrency bitcoin.

Jakub Porzycki | NurPhoto via Getty Images

LONDON – Bitcoin has lost its flair for Deutsche Bank.

Bitcoin suffered a huge slump this week, with the digital currency falling to a three-month low. On Wednesday it fell 30% to nearly $ 30,000 before reducing losses later that day.

Bitcoin bounced back over $ 40,000 on Thursday as the crypto market tried to rebound. According to Coin Metrics, Bitcoin was last trading 1% lower on Friday at a price of $ 39,703.

Marion Laboure, research analyst at Deutsche Bank, believes the sell-off will be a long time coming.

And she believes the cryptocurrency market could have more problems if it hits a critical point.

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