Bitcoin has seen a steep fall of about 8 percent in last few days. It has also breached the US$50,000 levels. It has also been trading below main psychological levels which is ahead of new year. Moreover, there has also been a series of different events which has put top-notch digital token at the downward slide.
Reasons for Bitcoin to fall
Yellen has clearly mentioned that Bitcoin is an extremely incompetent way for conducting various transactions and even warned of their use in various illegal activities. Though coming back to Elon Musk, he even mentioned that price of Bitcoin is actually quite high. But before this week, Tesla has also announced that it usually has bought the Bitcoin for about US$1.5 billion.
Issues raised
There are some of the concerns which are usually raised by some critics about sheer level of the electricity which is required to create the crypto coins. Such kind of dip is not only case about Bitcoin. This has also been the same with Solana, Ethereum, Polkadot, Cardano, Avalanche, XRP as well as Polygon that have experienced such kind of the fall.
However, there is no such kind as there is no guarantee that the Bitcoin will also continue to rise in coming years. Moreover, there are few great reasons that the investors need to consider. As BTC is oldest and much expensive accepted kind of the cryptocurrency it may even be a great investment while we look for other side of coin. As each of the investor has the risk of the tolerance level. Moreover, the tolerance levels must be more for Bitcoin investors as price of cryptocurrency tend to differ.
Also, the carnage in a crypto cart which is also continued ahead. Thereby marking end of financial year in various different countries. Bitcoin also has eroded almost 11 per cent in last three days.
