BTC Price Sees Major Decline. Investors Lose Money

by in Cryptocurrency News

BTC price decline

In the previous two weeks, Bitcoin price grew by over 40% reaching its all-time high of $58.000.

Related: Bitcoin Price Hit $58.000 Surpassing the Price of 1 KG Gold

However, on February 22, the price took a dip falling to $48.900. At the moment, the leading cryptocurrency trades at around $50.000.

Blockchain data provider Glassnode notes the number of addresses having between 1K-10K BTC was growing over the last year, although over the last two weeks, this wallet class appears to be reducing holdings.

Recently Microsoft co-founder Bill Gates and Treasury Secretary Janet Yellen talked about Bitcoin. Gates said that he doesn't own BTC and treats it neutral. He finds the volatility of the asset is driven by “mania” and the difficulty of predicting how prices will move.

As for Janet Yellen, she highly criticizes the asset. In her opinion, Bitcoin uses too much energy and serves mainly as a means of illicit transactions. However, many don't agree. Data provided by blockchain tracking firm Chainalysis shows that criminal activity accounted for 0.34% of cryptocurrency transaction volume, down from 2.1% in 2019. Besides, 99% of cryptocurrency transactions are performed through centralized exchanges.