Bitcoin price falls 10 percent in two days to lowest since February
The fall in the Bitcoin exchange rate on Friday, July 5, noticeably accelerated, with the most popular digital currency falling by more than seven percent in one day and by more than 10 percent in two days. This is evidenced by data crypto exchange Coinbase.
Bitcoin has lost 20 percent of its value since its May highs. It reached $53,700 at its lows and is trading at $53,999 as of 8:05 a.m. Moscow time.
Experts do not rule out the coin falling below the level of 50 thousand dollars against the background of a lack of liquidity in the market and the absence of positive events. assessment Bloomberg, market participants are nervous about the uncertainty in the US political race, that is, the possible replacement of President Joe Biden with a candidate who is critical of cryptocurrencies.
Market participants also believe that German authorities have begun moving confiscated tokens to exchanges, which increases supply and puts pressure on prices. An additional factor was the expectation of a cryptocurrency sale by clients of the bankrupt Mt Gox exchange in the amount of about nine billion dollars, which the platform announced two weeks ago.
Other major cryptocurrencies are falling along with Bitcoin, with experts pointing out that Bitcoin miners have begun shutting down inefficient equipment, something that historically happens before a market crash.
In March of this year, the price of Bitcoin rose above a record $73,000. At that time, its value was 3.5 times higher than the level of 2022, when the coin was steadily trading below $20,000.
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