Last Week, after surging above $40,000 apiece, Bitcoin went on to be traded for as low as $29,900 approximately. Later on, recovered some of its position and went on to be traded for around $32,000.
Crypt Analysts were calling the $32k mark as very important for Bitcoin. They said that that in order to secure its trading value Bitcoin has to maintain this mark at least. However, after maintaining its position for around two days on Sunday, bitcoin saw some drop in its price. On Sunday, Bitcoin’s price decreased below $32,000 and saw a value of $31,886 per asset.
The value of the cryptocurrency leader fell by 0.9% on Sunday. The volatility however has reduced in terms of the level of decline and surges. Bitcoin in the last few weeks saw ups and downs of around tens of percent. However, the rate of volatility has gone, Bitcoin still struggles to maintain its position above $32,000 mark.
Bitcoin somehow later in the day managed to get back above $32,000. But the current charts for Bitcoin depict low chances of Bitcoin surging above or close to $40,000 mark.
Steep plunge was observed in Bitcoin on the last Thursday. BitMEX’s report suggested that the decline had because of the glitch of “double spend”. When users are selling Bitcoin, due to some technical glitches same asset or coin is sold twice. Similar two when one makes a single transaction through their ATM card but accidently it shows two transactions digitally. The second transaction in the case of bank cards is returned with a few minutes, refunding the account with funds. However, in case of a trade transaction, the value of the asset is hardly hit by such pseudo or glitchy transactions.
The report could not save Bitcoin in any way, the damage had already been done to its value.
Comments from Biden’s Treasury Secretary nominee Janet Yellen had also affected the Bitcoin’s reputation. She alleges that Bitcoin is mostly being utilized for illicit trade purposes. She went as far as to say that Bitcoin has the potential to be funding terrorist activities.
Some investors and users have drawn out of cryptocurrency trade with fear of its curtailment by the central governments. On Monday morning, Bitcoin with a little surge was being traded for approximately $33,191 per coin.