Bitcoin price plummets on Monday

The value of bitcoin on Monday, February 22, collapsed after a record rise that has continued throughout the past week.

This is evidenced by data from Coindesk as of 16:15.

The first cryptocurrency in the world fell by 11.48% and reached a price of $ 50 390. The volume of market capitalization also decreased – to $ 939.02 billion. During the day, this figure fell by $ 71.41 billion.

At the same time, data from other platforms indicate a drop in bitcoin to the level of $ 49,814. This is the sharpest decline in the price of cryptocurrency in February.

According to Bloomberg, it is widely believed in the market that the rapid growth of cryptocurrency recorded over the weekend was caused by the actions of “home” traders who performed operations with cryptocurrency in their free time. So there is a possibility that the price fell on Monday as large institutional bitcoin traders responded to Elon Musk’s Saturday tweet that cryptocurrency prices “seem high.”

Note that yesterday the price of bitcoin reached an all-time high of $ 58,000 and continued to rise to a peak of $ 58,278 at 21:14 Kyiv time.

Earlier, we wrote about how the founder of Tesla electric vehicles and space technology, SpaceX, Elon Musk, wrote “bitcoin” in his Twitter description and raised the value of the cryptocurrency by $ 5 thousand.