The embrace of the richest person in the world, billionaire Elon Musk, last week led to a sharp rise in the value of the cryptocurrency by 20% to more than 58 thousand dollars, but he returned to tweet on Saturday indicating that Bitcoin prices have become very high to lead to a strong decline today.
Bitcoin fell by more than 16% and returned to below $ 50,000 in New York, abandoning more than $ 8,000 of its balance within hours, before recovering some of those losses, bringing its price to about $ 51,600 until 6:40, down 9.44% In the last 24 hours.
Bitcoin led its sisters from the cryptocurrencies on a downward journey, as it accompanied them on the rise, as Ethereum fell by 12.17% to below $ 2000 at about $ 1,700, and Dogecoin fell by 6% to $ 0.051.
The market value of Bitcoin decreased to $ 952 billion, while the market value of the “Ethereum” currency fell to $ 191 billion.
In February alone, the price of Bitcoin rose by more than 60%, prompting the comment that the increase was excessive.
JPMorgan strategists warned of a decline in Bitcoin's liquidity, as strategic analyst Nikolaos Banegertzoglu wrote in a note on Friday that the liquidity of the digital currency was less than that of the S&P 500 and gold, which means "even small flows can have a significant impact on prices." According to Bloomberg,.
The chief analyst at Markets.com said: "New investors in Bitcoin should be prepared for big fluctuations, and a sudden drop in prices as sharply as they rose."
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