The “Bitcoin” hashtag topped the trend lists on social media platforms, in conjunction with the resounding fall in the price of the digital currency during the past hours.
The value of Bitcoin decreased by more than 20%, as its price reached 45 thousand and 150 dollars, after it had crawled about 60 thousand dollars during last week’s transactions.
This decline comes after several institutions announced their acceptance of dealing in digital currency, the most prominent of which was: Tesla Company, owned by American businessman Elon Musk, and MasterCard for financial services.
After the “global” wealth makers had brought gold and some stores of value “on paper” to levels that if the buyers demanded that they be delivered to them, when the world’s stock would not be enough to provide them, they hung up and resorted to inflating digital currencies, especially “Bitcoin”, which have no origin and no direct responsibility for them to withdraw the remainder Of liquidity in the hands of young people ..
– Dr. Ali Al-Tawati Al-Qurashi (@alitawati) February 22, 2021
Tweeters expressed their surprise at the decline in the currency’s price, and others questioned the reasons that led to this resounding fall of Bitcoin.
The interactions attributed the reason to the existence of “whales” manipulating the currency market, at a time when economists saw the decline as a normal matter, referring to the fluctuations of digital currencies.
Free fall to # Bitcoin B approximately 15% at levels of 48 thousand dollars
We mention that rates # Bitcoin There is no real justification for it, and it is mainly driven by the fever of speculation and quick get-rich.
– Mohammed Aburayya (@moh_aburaya) February 23, 2021
“The story is that Bitcoin has always been two steps forward, one step back, and then two steps forward … Few people understand this,” American investor Tyler Winklevus commented on Twitter.
And the significant decline of the most famous digital currency sparked a selling wave in various cryptocurrency markets with growing investor concern about extremely high valuations, at a time when dealers who form large positions sell the currency to reap profits.
Cryptocurrency markets have seen frenzied activity this year as top wealth managers and companies are taking the emerging class of assets seriously, pumping money into the sector, and raising confidence among small speculators.
And yesterday, Monday, US Treasury Secretary Janet Yellen strongly warned that investors would lose their money due to injecting investments in the virtual currency, noting that speculation is the basis for the volatility of Bitcoin’s price, and this is high risk.