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Friday, March 5, 2021

Bitcoin’s Price Drop In Two Days Has Managed To Clean More Than $100 Billion In The Crypto Market

The price of Bitcoin went down on Thursday for the second time, which resulted in over a 10% loss of the digital currency over two days. This also saw billions of dollars getting wiped off the crypto market. The bitcoin price plummeted by around 6% last Thursday, to a sum of about $31,210. This is the first time the price fell below $32,000 ever since it previously did on the 11th of January. All the calculations were managed by CoinDesk, an industry website.

Bitcoin and Ether Saw Their Prices Fall In Subsequent Weeks

Interestingly, Bitcoin did have quite a wild, wild week, as it hit a sum of $41,940 in early January. Then it kept sinking rapidly every single week. Although it hasn’t been made clear as to why Bitcoin is falling so hard, so fast, one of the managers of digital assets have considered it to be a form of natural correction. 

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Michael Sonnenshein, the current CEO of Grayscale Investments has mentioned that corrections have always been a part of the market- more so in the crypto ecosystem. He also spoke about how the cryptocurrency saw more than 6 corrections of about 30% back in 2016. And these corrections saw to it that the cryptocurrency reached newer heights.

Bitcoin wasn’t the only cryptocurrency falling, as Ether joined too. This digital currency had fallen to about 10% of where it stood a few days back. Also, the coin seemed to have hit a high of about $1,439- after which it started plummeting. 

The entire cryptocurrency market value fell by more than $100 billion, as they had started off with a sum of $1.06 trillion. This soon fell to about $945 billion by 8 am. Some analysts believe that this rapid movement of Bitcoin is a direct result of the Treasury Secretary warned that cryptocurrencies were simply being used to finance illegal methods. 

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