Bitcoin Falls Back 14% After Pullback from High Record Earlier
source yahoofinance
Bitcoin, the world’s largest cryptocurrency has fallen as much as 14% to $51,431( RM159,311) on Sunday which is reversing most of the big gains it ever made over the past week. Where it was trading down 10% at $53,991 (Rm167,241) as of 1320 GMT with a whopping of $12,000 (RM37,170) below record highs set on Wednesday. The CEO at digital asset treasury specialist ledgermatic mention in an email that people may have sold on the news of the power outage in China.
Other than this, the typical shocks to hash rate which causes the price drops such as the retreat in Bitcoin comes after Turkey’s central bank banned the use of cryptocurrencies for purchase on Friday. And many cryptocurrency markets operate 24/7, setting the stage for price swings at unpredictable hours. Despite the sudden selloff, bitcoin is still up 89% so far in 2021 driven by its mainstream acceptance as an investment and means of payment accompanied by the rush of retail cash into stock, exchange-traded funds and other risky assets.
source moneycontrol