In the last two months, bitcoin has reached a record high and now has fallen below the level of Rs 21.9 lakh.
Last year in 2020, BitCoin’s boom attracted investors. However, it is now declining. In the past two months, bitcoin has reached a record high and has now fallen even below the level of 30 thousand dollars (21.9 lakh rupees). Bitcoin, the world’s largest cryptocurrency, touched a level of $ 29,327 ($ 21.41 million) in Hong Kong on Friday. Market watchers have cautioned investors that there may be a further decline in this and it may lose 300 per cent returns in the last year.
Last year in December 2020, Bitcoin crossed the level of 20 thousand dollars (14.60 lakh rupees) for the first time. Even after this, its momentum did not stop and in the beginning of January 2021 this year it had crossed the level of 30 thousand dollars (Rs 21.9 lakh) and was rapidly moving towards the level of 42 thousand dollars (Rs 30.67 lakh). However, thereafter it declined sharply.
BitCoin can fall to the level of 20 thousand dollars
Craig Erlam, a senior market analyst at Oanda Europe, says bitcoin prices are currently at alarming levels. According to Craig, the further decline may prove to be bad news for Bitcoin in terms of short-term investment. In addition, it can affect the trade of other cryptocurrencies. Craig says that the way Bitcoin has lost its momentum, it will not surprise them if it touches the level of 20 thousand dollars (Rs 14.60 lakh).
Bitcoin is becoming a mainstream investment
Investment in bitcoin is increasing rapidly, in which case it is becoming a mainstream investment option. However, many investors remain skeptical about investing in it. According to Grayscale Investments, about $ 300 million (Rs 21.9 thousand crore) was invested in Bitcoin on its platform in the October to December 2020 quarter.