Bitcoin price falls below $ 55,000 for the first time since mid-October

According to the crypto aggregator CoinMarketCap, which shows the average price of bitcoin across more than 20 exchanges, the value of the world’s largest cryptocurrency per day collapsed by more than 6% and stood at $ 54,812. For the first time since October 13, the price of a digital asset fell below $ 55,000.

Image source: Tamim Tarin / pixabay-com

Image source: Tamim Tarin /

By mid-November, Bitcoin managed to break the historical maximum, and almost immediately after it, the cryptocurrency began to decline. Over the past day, the capitalization of the asset has dropped to $ 1.05 trillion, and in two weeks Bitcoin has lost almost 15% of its price. The last time the cost of $ 55,000 was observed only in early October. Experts point to several reasons for the negative dynamics of Bitcoin. In particular, on November 26, options worth almost $ 3 billion expire, and most of them have the exercise amount higher than the historical maximum, which was set at $ 69 thousand. then it fell below $ 40,000.

The likely reason for the decline in the value of bitcoin is also called the statement of the Chinese central bank, which proposed to track cryptocurrency transactions and create a special system for this. Recall that at the end of September, a number of the largest government departments of the PRC outlawed all cryptocurrency transactions, that is, they equated them with illegal financial activities. Finally, another reason for the fall of the asset is called the general negative dynamics in the market, caused by a new strain of coronavirus found in South Africa – it may become the most dangerous.


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Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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