Thursday, March 4, 2021
Sarbat Sehat 40 5

Markfed Sohna New

Verka Ice Cream

Innocent Hearts INNOKIDS Banner

Bitcoin falls below $30K, worst weekly loss in months

- Advertisement -

New Delhi, Jan 22, 2021-
As the world went gaga over the overall value of all cryptocurrencies surpassing the $1 trillion mark and Bitcoin crossing the $40,000 mark, the cryptocurrency saw its sharpest fall since September last year, hitting under $30,000 this week and hovering around $31,000 on Friday.

Two weeks ago, Bitcoin hit $42,000, but it is now down 30 per cent from that record high. According to reports, increasing calls for regulation is the reason Bitcoin has crashed so big.

At a US Senate hearing earlier this week, Janet Yellen, US President Joe Biden’s nominee for Treasury Secretary, suggested that lawmakers must “curtail” the use of cryptocurrencies such as Bitcoin over concerns that they are being used for illegal activities.

“Cryptocurrencies are a particular concern. I think many are used — at least in a transaction sense — mainly for illicit financing. I think we really need to examine ways in which we can curtail their use and make sure that money laundering doesn’t occur through those channels,” she said.

European Central Bank (ECB) President Christine Lagarde said last week that Bitcoin has been used for some “totally reprehensible money-laundering activity”.

This suggests that the Biden administration may be hostile to cryptocurrencies and increase regulation in months to come.

Scott Minerd, Guggenheim Global CIO, said he expects that Bitcoin will retrace back to $20,000, reports Seeking Alpha.

Buyers are aggressively accumulating more and more Bitcoins. This is the driving factor that earlier propelled the price growth of BTC towards all-time high.

The second largest cryptocurrency ‘Ethereum’ has soared over the past 12 months, after trading above $1,200 for the first time since early 2018.

According to Christopher Wood of Jefferies, Bitcoin represents a legitimate alternative to gold for risk averse capital looking for a store of value. Wood said that Bitcoin was up 305 per cent for the whole of 2020.

In this respect, the total market capitalisation of Bitcoin at the end of 2020 was $539 billion, compared with estimates of $12 trillion in above ground gold, Wood noted earlier this month.

Recently, Bitcoin surpassed Warren Buffet’s Berkshire Hathway in market capitalization and only ranks behind Apple, Microsoft, Amazon, Alphabet, Facebook, Tencent, Tesla, Alibaba and Taiwan Semiconductor in global market capitalisation league tables. (Agency)

- Advertisement -

Yes Punjab - TOP STORIES

Punjab News

Sikh News

Transfers, Postings, Promotions

- Advertisement -Bibi Jagir Kaur Guru Gobind Singh Prakash Purab Banner

Stay Connected

20,438FansLike
112,826FollowersFollow

ENTERTAINMENT

Sonu Sood to launch blood bank app

Mumbai, March 3, 2021- Actor Sonu Sood is going to launch what is expected to be India's biggest blood bank, through an app named Sonu...

Bipasha Basu goes cycling in black bikini

Mumbai, March 2, 2021- Bollywood actress Bipasha Basu says she loves cycling. The actress has posted a video that sees her cycling in Maldives. In...

Bigg Boss 14 - The Latest

National

GLOBAL

OPINION

Bill Gates

Target Net Zero by 2050 – By Asad Mirza

In his new book on climate change and its adverse impact in the future, Bill Gates urges everyone to remember two things: Net Zero...
Farmers Protest againt Farm Laws in Delhi

All India Kisan Agitation against 3 Farm Laws & the deadlock – by KS Chawla

Almost three months have passed since the 41 kisan unions of the country have launched agitation against the three farm laws passed by the...
amarinder jakhar

Congress captures Urban Bodies in Punjab leaving others far behind – by KS Chawla

The Congress Government led by Amarinder Singh has captured the Local Bodies in the elections to the eight Municipal Corporations and 109 Municipal Councils...

SPORTS

Health & Fitness

Meditation

Meditation for happiness, peace goes up as one ages: Survey

New Delhi, March 1, 2021- What makes Indians meditate? According to a recent survey by meditation and mindfulness app ThinkRight.me, it is the pursuit of happiness, peace, and personal growth that keeps most Indians going in the meditatation sphere. Spanning 1,000 individuals between the age group of 18 to 60 years, across Mumbai, Delhi, Bengaluru, and Pune, the survey also cites...

Gadgets & Tech

error: Content is protected !!