Bitcoin fell after record growth
27 December 01:33
Bitcoin has fallen for the first time in three days as traders begin to reduce their risks amid this year’s record rally, which is coming to an end. This is reported by Komersant ukrainskyi with reference to Bloomberg.
The price of Bitcoin fell by 3.4% to $95,110 after reaching a record high of more than $108,000 on December 17.
The broader cryptocurrency index, which includes smaller tokens including Etherium, Solana, and the Dogecoin meme, was down about 3.5%.
The drop came even after MicroStrategy Inc. announced plans on Monday evening to expand its bitcoin buying program. The firm holds more than $40 billion worth of bitcoin, making it the largest corporate holder of the publicly traded cryptocurrency.
Bitcoin has risen 130% this year, outperforming traditional assets such as stocks and gold, but the coming days could be crucial for market trends.
Bitcoin: the dossier
Bitcoin is the world’s first and most popular cryptocurrency, which appeared in 2009. It was created by a person or group of people under the pseudonym Satoshi Nakamoto, who remains anonymous. Bitcoin is based on blockchain technology and has no centralized governing body.
Bitcoin is “mined” using a special mining technology, which is a digital analogy to the mining of physical minerals. Similarly to physical minerals, the number of Bitcoins is limited – there are only 21 million tokens in existence. So far, 19 million tokens have been mined, which is more than 90% of all “deposits”. Therefore, mining is becoming more and more difficult and expensive.
Bitcoin, like anything else in the world, can be exchanged for anything else, including traditional currencies. The value of Bitcoin shows the level of trust in it.
Bitcoin is considered a reliable and well-secured currency with a very high level of confidentiality. In the Bitcoin system, all information about transactions is open, but information about owners is completely anonymous. That is why Bitcoin, like some other cryptocurrencies, is popular among Ukrainian corrupt officials.
