Bitcoin Rushed to $50,000
After the record-breaking ATH, the decline in the value of the cryptocurrency does not please users. Especially if the price drops to $50,300
The correction has been going on since March 16th. Bitcoin ranged from $54,000-$58,000. However, on 25th March there was a larger drop. BTC fell to $50,000, after which the price went up again.
On the graph you can see the currency pair BTC/USD. Bitcoin costs $50,707. That's a nearly 11% decline. At the time of writing, the price had rebounded to $52,353.
Due to high volatility, Bitcoin's capitalisation fell below $1 trillion and during the week, that figure fell by $1.4 billion. According to many users, the reason for the fall in price of Bitcoin is a negative news background.
Bitcoin is sensitive to bad news. For example, the head of FRS USA Jerome Powell said that the cryptocurrency has all the signs of a highly speculative asset that has no confirmation. It therefore cannot be used as a means of payment. He also said that stable coins will not be able to notice fiat.
Powell and U.S. Treasury Secretary Janet Yellen also said they plan to do everything possible to revitalise the United States economy. The US dollar index (DXY) reacted by rising above 92.50. Naturally, such news could not but affect the price of cryptocurrencies. We will monitor the situation and keep you informed.
The article has an informational character, reflects the opinion of the author. Before you make a decision, analyze the market situation.