The decline in the value of bitcoin continues

Photo Credits : Aleksi Räisä/Unsplashed

There was a big sell-off in the cryptocurrency market last week, and since it coincided with the US shopping holiday, Black Friday, many interpreted it as bitcoin, ethereum, and other digital currencies at a discount and available at prices slightly lower than in the days or weeks before.

But the 5 to 10 percent drop in value recorded then seems to have been just warming up for this week’s decline. Eight days after Black Friday, “Black Saturday” dawned this weekend, at least when it comes to the crypto market. Already in the early morning hours of our time, a big sale was launched and a consequent decline in the value of almost all the world’s leading cryptocurrencies.

Bitcoin fell by almost 20% on a daily basis, ethereum by about 15%, and other cryptocurrencies from the world’s top 10 largest continued to follow a similar path of redness. Bitcoin touched a value of $ 45,000 in the first wave of sales, which it has not been on since the beginning of October. Later, the situation stabilized somewhat at values ​​of about 47-48 thousand dollars. This is still almost 30% lower than the highest price of bitcoin so far, recorded less than a month ago.

The reason for this panicked sale of bitcoin and other digital assets this time, some see in several seemingly unrelated events. Mention is made of the spread of a new strain of coronavirus, omicron, about which not enough is yet known, and the concerns of the world’s ruling and central banks about rising inflation.

At the same time, while bitcoin is at slightly lower price levels, those who unreservedly believe in it took the opportunity to thicken their investment positions. El Salvador authorities, for example, bought another 150 bitcoins at an average price of $ 48,670.

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