Bitcoin on Course to Repeat Another March Amid Price Decline
February 28, 2021 11:50 PM
on Friday, Bitcoin (BTC) was headed for its worst-performing week as a defeat in the global bond markets sent yields flying which has sparked a major sell-off of riskier assets in class of BTC.
The flagship cryptocurrency slipped further down below $44,451 as beers seem to get hold of the market, although BTC recovered 6% from its low back to around the $44k zone.
Bitcoin has been en route for a major drop this week as it records almost a 20% loss, which could be regarded as its biggest weekly loss since the virus engulfed March last year when the market came crashing due to Covid-19.
Bitcoin (BTC) has risen to almost 60% from the turn of the year, crashing its previous all-time high as the price rises to $58,354 this month as firms such as Tesla Inc, Mastercard Inc, and Visa welcomed cryptocurrencies with Tesla adding Bitcoin to its balance sheet.
Denis Vinokourov of BeQuant exchange said:
“When flight to safety mode is on, it is the riskier investments that get pulled first."
The sell-off which reflected in equity markets, where European stocks plummeted as much as 1.5%, with concerns over high valuations also softening demand. Asian stocks fell by the most in nine months.