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Why Bitcoin Fall Down: A sudden slide of 11% to below $45,000 since last April

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rajesh kumar
Why Bitcoin Fall Down: A sudden slide of 11% to below $45,000 since last April

The price of Bitcoin fell as much as 11% on Friday. The track of the world’s biggest cryptocurrency saw the worst weekly fall after March 2020. It fell low as $45,200 on a Friday morning. As per the Coinbase exchange, it went lower than 8.4% at $46,716 at 10:10 am.

The total cryptocurrency loss since last Friday morning is 19%. This is the biggest weekly loss since the 33.5% decline in bitcoin during March last year. Surprisingly, around $150 billion loss the market has to face since this cryptocurrency hit a $58,000 record on Sunday. Also, the market capitalization jumped more than $1 trillion. However, this digital currency is still 55% higher for the year this Friday.

There are various factors behind the fall of bitcoin this week. Elon Musk appeared triggering the fact to sell-off via a tweet on Saturday that bitcoin and Ethereum’s digital currency ‘seem high’. He has played a huge role in the recent bitcoin rally. So, his actions carry weight for the investors.

The drop in the price of this digital currency has also corresponded with a broader pullback from costly parts of financial markets counting tech stocks, government bonds, etc. There are many investors which fear that in the future the regulations are going to get tighten in the cryptocurrency market.

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