The price of the world’s largest cryptocurrency Bitcoin has reached its lowest level in the last 2 months. The price of Bitcoin fell last Friday mainly due to the decrease in buying and selling in the international market. News Reuters.
The virtual currency lost big the previous day as well (Thursday, August 17). The rate was 7.2 percent. On a daily basis, it was the biggest decline since November 2022.
On this day, the price of each bitcoin was settled at 26 thousand 172 dollars. Which is the lowest since last June 16.
The sales of various important assets in the world market has gone down drastically. Wall Street’s major indexes ended the previous session lower.
At the same time, the stock market ended the working day with a recession for 3 consecutive weeks in the Asian region.
Concerns remain about China’s economy, the world’s second largest. In addition, the US Federal Reserve (Fed) may increase interest rates in the long term. Because the country’s economy is slow.
Ether, one of the largest currencies on the online currency market, is unchanged on the day in question. Each is priced at $1,685 and 20 cents.
Some analysts have blamed Elon Musk’s SpaceX for the fall in crypto prices. They have already sold a large number of bitcoins that they have stored with them. Because, the total value of the coins decreased by 373 million dollars.
Elon Musk is one of the crypto patrons in the world. Basically, since his tweet, the price of Bitcoin has been falling. This claim has been made in the report of the Wall Street Journal.
Ben Laidler, global market strategist at world-renowned financial services firm Etoro, said the SpaceX report acted as an immediate catalyst for Bitcoin’s sell-off.
He said, this shows that Bitcoin is also a sensitive asset. When the prices of other assets fall, their prices also fluctuate. It works as a complement to them.