New Delhi: The world’s most well-known cryptocurrency Bitcoin has witnessed a sharp rise and fall over a couple of days and on Monday, it fell sharply, losing ground from a record high of $34,800 to almost $30,000, with traders citing volatility in the highly leveraged futures markets.
Earlier, the world’s most well-known cryptocurrency smashed through $34,000 for the first time ever in its entire history of 12 years on Sunday.
The latest gains come two days after bitcoin closed out a year in which the cryptocurrency rose more than 300 per cent, with an almost 50 per cent gain in December alone.
Despite ups and downs, this year is already shaping up to be the Year of Bitcoin (BTC).
Last year already witnessed a ground-breaking evolution in BTC adaptation.
According to JPMorgan Chase & Co., Bitcoin has the potential to reach $146,000 in the long term.
“Global GDP is about $80 to $82 trillion and if 2.5 per cent of world GDP is involved in currency hedging, for sake…