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- Bitcoin experienced a fall of about 15% in the share market on January 21
- This plunge comes right after BitMEX Research published a report on a possible double-spend transaction of Bitcoin
- Earlier in the year, BTC experienced an All-Time High of over $40,000
Bitcoin has fallen below $30,000 in the crypto market, after having experienced a skyrocketing performance earlier in the year with its value exceeding $40,000.
BTC Faces Market Volatility With Major Fall In Prices
On Thursday, Bitcoin posted its greatest single-day fall of 15% since March 2020. During the last 24-hours, the world’s top cryptocurrency hit a high of $34,693.52 and a low of $28,845.31. At the time of writing this article, BTC’s current value is $31,321.30 as per prices reported by CoinMarketCap.
The most recent dive, which comes without any clear explanation, highlights the instability and volatility of digital currency. The popularity of cryptocurrency, however, can be understood by looking at the growing investments being made by a large number of individuals. This is taking place despite the restricted use and application of the virtual currency in various countries.
Bitcoin rose more than 300% in 2020 and enjoyed an All-Time High during the start of the new year. The crypto was valued at more than $40,000, with investors lining up to purchase the prominent digital asset.
Lower Trading Value For Altcoins
Along with Bitcoin’s recent plunge, other cryptocurrencies are also experiencing fall in prices. Ethereum, the second-largest digital asset, is currently being traded at $1,173.81, which is a 12.81% decrease from its previous valuation. Other significant cryptographic forms of money, which are known as altcoins, are also facing similar lows. Stellar has decreased by 10.05%, and Ripple (XRP) has seen a fall of 11.30% in the market.
Tether, on the other hand, has witnessed a negligible fall of 0.16%, currently trading at $1.00.
The decrease in BTC’s value was significant after the news of an alleged double-spend transaction broke out. The report was posted online through a tweet made by BitMEX Research. It speculated a possible occurrence of double-spend in the Bitcoin blockchain, which caused a stir of concern amongst traders. However, BitMEX later clarified that it was merely an attempt that had been identified and the transaction did not actually take place.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
