The price of bitcoin, the major cryptocurrency, has fallen drastically. Its price has fallen 20% in two weeks. At present, it is trading below $57 thousand.
Volatile cryptocurrency
The steep fall in the price of bitcoin proves that even now the hallmark of investing in crypto remains high volatility. Yet the popularity of bitcoin remains intact in the world. In other traditional markets, whenever there is any volatility, alarm bells go off and investors get alert.
Prices are falling for 6 consecutive days
The price of bitcoin has been declining for 6 consecutive days. The largest cryptocurrency fell 0.5% to around $56,280 in early trading in London on Friday. Craig Erlam, the Senior Market Analyst at Oanda, wrote, "Correction in bitcoin is not a big deal. Some analysts say a sharp decline is normal after a 40% increase in prices in October. Not a big deal."
China's crackdown on crypto and new US tax-reporting provisions are being viewed as negative for crypto investors, an agency reported. Due to this, there is a slight discount in its popularity.
The cryptocurrency was growing rapidly in 2016-17
Jamie Cox, the financial advisor at Harris Financial Group, said that during 2016-17, when interest rates were rising and liquidity was disappearing from the system, cryptocurrencies were on the rise. Price fluctuations of 20% or more are not uncommon in cryptocurrencies. After touching a record nearly $65,000 in early April, the price of bitcoin had fallen by more than 50% by the end of June.
The price of bitcoin was 53 thousand dollars in September
Around the beginning of September, bitcoin had reached $53,000. Even within the last 24 hours, the price of bitcoin has fallen by about 3%. After reaching an all-time high of $68,789.63 on November 10, it started a decline. According to a Reuters report, the decline in bitcoin has been seen due to profit-booking from higher levels.
Ather price at $4,314
The price of the second-largest cryptocurrency, Ether, has hit an all-time high. It is trading at $4,314. Dogecoin's price is up 7% to $0.23. The Shiba Inu is also up 15% to $0.000049. On the other hand, India is now considering a crypto law, which could be introduced during the winter session of Parliament. At the same time, several important Indian exchanges in this sector have decided to put on hold their public-outreach operations.
There is speculation that crypto will be regulated as an asset class and that it is unlikely to be allowed to be used for transactions. The total market capitalization of cryptocurrencies has reached $2.7 trillion.
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