Bitcoin recorded the sharpest drop in its history on Monday. In a matter of hours, the bitcoin price fell from $57,500 to $46,700. But then the price bounced and the candle closed at $54,142.
Starting the day at $54,100, BTC managed to hit $54,200 in just a few minutes before dropping to $48,000. The plunge reduced the market capitalization of the first cryptocurrency by nearly $100 bln from a historic level of $1 trln to $900 bln. Despite falling over the past two days, bitcoin is in a bullish move, surpassing the expectations of even the most seasoned analysts. Some of them were expecting a short-term sale. At the time of this writing, the bitcoin price is fixed at $50,675.
Meanwhile, US Treasury Secretary Janet YELLEN, who noted the need for more careful regulation of cryptocurrencies, recently said that bitcoin is extremely ineffective in transactions and is a highly speculative asset.
Image: Master The Crypto