Bitcoin’s weakness began last week as traders began to take profits after it rose 70% year-to-date.
Bitcoin fell more than $10,000 on Tuesday, March 19, after rising to all-time highs last week. This was reported by CNBC News.
The cryptocurrency fell 6.5% to $62,749.99. Last week, Bitcoin rose to a record $73,679.
Along with Bitcoin, other cryptocurrencies also fell. Ether lost more than 5% to trade at $3,287.58 after topping $4,000 for the first time since December 2021 last week.
Bitcoin’s weakness began last week as traders booked profits after it rose about 70% year-to-date. On March 12, there was a massive surge in Bitcoin sales with profits for investors.
Let’s remember that in January the United States took an important step in the legalization of Bitcoin. The SEC allowed fund industry heavyweights BlackRock, Invesco and Fidelity to compete with smaller rivals including Valkyrie to begin trading. After that, the price of the cryptocurrency began to rise rapidly.
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.