A sudden and sharp decline in "Bitcoin" .. What are its causes?
Cryptocurrency bitcoin suddenly dropped to its lowest level in more than three weeks on Friday, dropping below the $22,000 mark, amid a sudden selloff of cryptocurrencies in early European trade.
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Bitcoin fell from $22,738 to around $21,000 before recovering and rising to a range between $21,500 and $22,000.
This came shortly after the world's largest cryptocurrency breached the $25,000 level for the first time since June, after US stocks surged.
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- Ether fell from $1,808 to $1,728 at the same time before bouncing back, before slipping back to $1,683.
- The reason for the sharp decline was not clear, as was the rush of investors to sell, according to a report published by the American network CNBC, noting that many other cryptocurrencies followed the downward wave and incurred heavy losses on Friday.
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- Susanna Streeter, chief investment and market analyst at Hargreaves Lansdowne, said that since the asset did not rebound sharply immediately, but fell further in the following hours, it did not show a rapid crash pattern.
- According to CNBC, Streeter added that Cardano appears to be falling first, followed by bitcoin and ether, and then smaller currencies like Dogecoin.
- “These cryptocurrencies have plummeted due to concerns that the market is heading into a crypto winter,” Streeter continued.
- While bitcoin's price of $21,800 is still well below its June lows of less than $19,000, volatility has once again devastated the market, she said.
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