Cryptocurrency Market: Due to the sharp rise in the world's largest cryptocurrency Bitcoin for some time, it had recently crossed the historical figure of 73 thousand dollars. Now the prices of Bitcoin have gone down badly in the last 24 hours. There has been a huge decline of about 8 percent in just one day. Crypto bets worth approximately $526 million have been lost in the last 24 hours. There has been huge sales in the market. This decline has come due to the fear of interest rates remaining high due to inflation data in America.
The figure of 73 thousand dollars was crossed
After touching its highest figure of $73,177 on Thursday, Bitcoin came down to $67,689 on Friday. There has been a decline of about 8.1 percent. The second largest currency Ethereum has also fallen by about 7 percent and reached $3,708. There has been a big selloff in crypto in the last 24 hours. According to CoinGlass data, about $526 million worth of cryptocurrencies were sold. This is the biggest figure in the last 2 weeks.
There was a sharp rise after the introduction of Spot Bitcoin ETF
Bitcoin was witnessing tremendous growth since last one month. Investors were investing heavily in Bitcoin ever since the US approved the Spot Bitcoin ETF. According to the report of Business Standard, there are indications from the US Federal Reserve that there is not going to be any cut in interest rates in May also. According to Edul Patel, CEO of crypto investment platform Mudrex, there was a continuous rise in Bitcoin from January 13 to March 5.
Bitcoin likely to go further down
Excluding the recent decline, by the year 2024 Bitcoin had jumped by almost 70 percent. Despite the decline, investors' returns are around 60 percent. If compared with March 15, 2023, Bitcoin has increased by about 170 percent. Recently, digital asset analytics firm Swissblock had said that Bitcoin could fall to 58 to 59 thousand dollars.
Disclaimer: The information provided here is being given for information only. It is important to mention here that investing in the market is subject to market risks. As an investor, always consult an expert before investing money. ABPLive.com never advises anyone to invest money here.
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