Bitcoin dropped very heavily on Friday and reportedly it’s the highest weekly drop of the session. This sharp fall is however continuing since March 2020 with this week adding more disadvantage.
According to the traders, this fall in the world’s most popular cryptocurrency may have happened due to the dual use of the currency.
Simultaneously, part of bitcoin, which is assumed to have been spent twice, led to loss of confidence in supporting technology of the asset. This whole situation may have occurred with a huge rally resulting in a pullback.
The cryptocurrency is now lagging at 30 percent which is below the previous record high of $42,000.
The asset is losing ground following growing concerns in the regulatory market as one of the price bubbles.
Moreover, Janet Yellen and Joe Biden showed concerns towards usage of cryptocurrencies in illegal activities.
Following this, European Central Bank President Christine Lagarde had a call regarding global regulation of bitcoin last week.
The currency has dropped by more than 5 percent which is almost reaching towards a three-week low of $28,000 in Asian session. It fell below before even steadying its ground around the value of $30,000.
Almost 25 percent has been lost since so far, resulting the biggest drop since last 33 percent fell in March 2020.
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