Bitcoin Witnesses a Sharp Decline in its Value first time since March 2020
Kyle Rodda, an analyst at IG Markets in Melbourne said, Right now, the value of Bitcoin is now around 30pc less than the record high of $42,000 it hit a couple of weeks ago. It has lost grounds due to the growing concerns that it is one of a number of financial market price bubbles and as cryptocurrencies attract the regulators’ attention. According to a report, the part of a bitcoin may have been spent two times which has hurt confidence in the technology underlying the asset class. President Joe Biden’s pick to head the US Treasury, Janet Yellen, during a US Senate hearing showed concerns that cryptocurrencies like bitcoins could be utilized to finance illegal activities. This was followed by a call last week from European Central Bank President Christine Lagarde for the global regulation of the cryptocurrency. Michael McCarthy, strategist at brokerage CMC Markets in Sydney said, Check out? Bitcoin Price Drops by $5000 in a Single Day-Biggest Crash in the History
