TECH

Bitcoin under $55,000

According to cryptocurrency CoinMarketCap, which shows the average price of bitcoin on more than 20 exchanges, the value of the world's largest cryptocurrency per day dropped by more than 6% to $54,812. For the first time since Oct. 13, the price of a digital asset has dropped to less than $55,000.

In mid-November, Bitcoin managed to break the all-time high, and almost immediately after that, cryptocurrency began to decline. The day before, the asset's capitalization had dropped to $1.05 trillion and, within two weeks, Bitcoin had lost nearly 15% of its price. The last time the $55,000 cost was noted just in early October. Experts point out several reasons for Bitcoin's negative dynamics. In particular, options worth nearly $3 billion expire on November 26, and most of them exercised above their all-time high, which was set at $69,000, then dropped below $40,000.

The likely reason for the drop in the value of bitcoin is also called the Chinese central bank statement, which proposed tracking cryptocurrency transactions and creating a special system for this. Recall that, in late September, several of the largest government departments in the PRC banned all cryptocurrency transactions, meaning they equated them with illegal financial activities. Finally, another reason for the asset's decline is the so-called general negative market dynamic, caused by a new strain of coronavirus found in South Africa – it could become the most dangerous.

AVnews