Bitcoin Quickly Slips From Record Highs: Reports

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Bitcoin quickly slips from record highs: Reports

The experts say that there is specific news catalyst is involved in this move as it is pure technical.

LONDON: (UrduPoint/UrduPoint / Pakistan Point News-Feb 22nd, 2021) After surging to a record $58,354 just a day before, Bitcoin quickly fell down.

The popular cryptocurrency just made high records across the world as it hit capitalization of $1 trillion on Friday.

According to Reuters’ reports, Bitcoin’s gains have been fueled by signs it is gaining acceptance among mainstream investors and companies, from Tesla and Mastercard to BNY Mellon.

It reported: “It fell as much as 6% on Monday, and was last trading down 4.4% at $54,941. Rival cryptocurrency ether fell 7% to $1,798 after also hitting a record high on Saturday,”.

The decline, however, was not tied to any specific news catalyst as some technical move was involved.

It may be mentioned here that Bitcoin was getting popularity in Pakistan as the people were sharing the cryptocurrency link with each other.