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Bitcoin records the biggest drop since March last year, amid high volatility

Credit: VICE

Bitcoin is back 17% today, registering its biggest inter-day decline since March, trading below US $ 30,000. The fall comes after an exponential growth of 300% last year and a rise in the first three days of 2021 that led the famous cryptocurrency to break the barrier of US $ 34,000.

Some traders of bitcoin argue that the decline is due to the withdrawal of profits by investors after the impressive bull rally that has been registered in the last nine months.

Marc Bernegger, a board member of digital asset broker Crypto Finance, was one of those who suggested that a “healthy” correction could follow price spikes in the early days of the year, according to the Financial Times.

With the supply of bitcoin limited to 21 million, some investors see the cryptocurrency as a hedge against the risk of inflation due to fiscal stimuli applied by governments and central banks in response to the coronavirus. Others also see it as a safe haven during the pandemic, similar to gold.

Bitcoin is listed on numerous platforms. One of the largest is Coinbase, which in turn is preparing to go public and become the first major cryptocurrency trading floor to be listed on Wall Street.

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