Bitcoins PHOTO: Pixabay
Bitcoin depreciated sharply for the second consecutive day of trading, falling behind the record levels reached on Sunday, as investors are clearly worried about the excessive rise of the leading cryptocurrency since the beginning of the year and some of them prefer to sell to make profits from long its positions, Novini.bg reports.
At the beginning of today’s European trade, bitcoin fell nearly 12% to $ 48,300 after the most popular digital currency rose to a new all-time high of about $ 58,300 over the weekend, according to CoinDesk.
As of Monday, bitcoin has depreciated by more than 16% from its record Sunday high, but is still trading at about 75% above its levels since the beginning of 2021.
Behind this price drop is said to be the liquidation of long positions in bitcoins for about $ 1.5 billion on the cryptocurrency exchange Binance, which led some small investors to start selling.
Yesterday’s comments on US Treasury Secretary Janet Yeln’s bitcoin also contributed to the profound downward correction of the leading cryptocurrency.
Janet Yellen said that bitcoin is extremely inefficient in transactions and is a highly speculative asset. She also noted the need for tighter regulation in cryptocurrency trading.
#Bitcoin #fell #sharply #24chasabg