Bitcoin drops to its lowest level in 20 days..What is the secret of the continuous decline?

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Cryptocurrency Bitcoin plunged to its lowest level since February 8th, amid thin dealings.

On Sunday, Bitcoin slipped 3.7% from Friday’s close, as it continues to fall from a record high near $ 60,000.

The largest and most famous cryptocurrency in the world has risen by up to 70% since the beginning of the year, to a record high of $ 58,354.14 one week ago.

This came amid growing confidence that Bitcoin would become a major investment and payments tool.

The American billionaire Bill Gates has called for avoiding investing in Bitcoin, saying that its volatility does not worry Musk, but it is a source of concern for his followers of small investors.

Speaking to Bitcoin investors, Gates said, “Any investor who does not have as much money as Musk does should avoid investing in Bitcoin.”

“Random Bitcoin price fluctuations are not a concern for people like Musk who has a lot of money, while the risks will be worrisome for others,” he added.

Gates had indicated in previous statements that he had not invested in “Bitcoin”, indicating his preference to invest in companies that manufacture products, according to the American “Forbes” magazine.

For his part, American investor Tyler Winklevos commented in a tweet on his Twitter account, saying: “The story is that Bitcoin has always been two steps forward, one step back, and then two steps forward .. Few people understand this.”

“I can’t anticipate how much or when the downturn might happen,” said Louis Kiondi, founder of Aragon, a platform for decentralized organizations. But it is usually Bitcoin to correct a drop of -80 percent from the highest record, and if the 80 percent drop actually occurred, the cryptocurrency would return to the $ 30,000 level.

“I expect that the demand there will be enough to raise Bitcoin to $ 50,000,” Luis Kyunde added.

What reinforced the wave of Bitcoin selling was the statement of the US Secretary of the Treasury, Janet Yellen, in which she said that Bitcoin “is totally useless or useless and warned against it.”

Yellen added that Bitcoin is ineffective in completing interpersonal transactions, and went on to build a speculative asset, and I think people are aware of its volatility.

And she continued, “I fear that it may be the cause of heavy losses that investors may suffer, adding that she sees the possibility of a digital currency belonging to the central bank, the Federal Reserve, in the coming years.”

This will help, she added, “for faster, safer workers, which I see as important goals.”

She added, I do not think that Bitcoin will be used as a means to complete transactions, and in this regard I am afraid that it is used to complete illegal transactions.

It is an ineffective method, Yellin said, and the amount of energy it takes to complete transactions is very high.

Cryptocurrency markets have witnessed frenzied activity this year as top wealth and corporate managers began to take the emerging class of assets seriously, pouring money into the sector and raising confidence among small speculators.

An investment of $ 1.5 billion by electric car maker Tesla in the cryptocurrency this month contributed to raising the value of Bitcoin above $ 50,000, but it may now put pressure on the share price of the company, which has become severely affected by the Bitcoin moves.





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