In the last week of February, the price of Bitcoin (BTC) again brings surprises for all users and enthusiasts as the main digital currency drops on February 22nd and within 24 hours is around $ 53,210 per unit with a decrease of 6.9% is traded.
Two important aspects regarding the price of Bitcoin need to be highlighted:
The first is that the digital currency hit a new all-time high just after 2:00 p.m. (New York time) on February 22nd, trading around $ 58,330 per unit. This is the high point of the uptrend that started last week.
The other aspect is that once the digital currency hit these new all-time highs, it started a downtrend that by the time it was processed resulted in a decline of at least about $ 4,500. The lowest point of this fall was a few minutes ago when Bitcoin was trading at around $ 53,324 per unit.
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Bitcoin price history on February 22nd
Regarding the sharp drop on February 22nd, analysts at the international bank JPMorgan pointed out that it could be linked to the lack of liquidity in the market, which, although in the past, may now have been playing in favor of Bitcoin price due to the high level of interest and excitement it has generated from medium and large investors.
While the decline is remarkable and could widen, analysts and enthusiasts point out that this was expected behavior after the capitalized hikes in recent days, so this situation could be reversed and Bitcoin would resume its upward race again during the institutional Interest in the The reason for stocks driven by companies like MicroStrategy, Tesla, and many others continues to grow.
It’s worth noting that a pro-bitcoin movement started last week and went viral mainly on Twitter, where reputable personalities and enthusiasts changed their profile pictures to “Laser Eyes”. Called # LaserRayUntil100K or # LaserEyesTil100K, this campaign is the new way that digital currency supporters are looking for a new surge that will bring BTC above $ 100,000 per unit.
On the flip side, new statements from gold market enthusiast Peter Schiff led many to believe that he had finally given up and Bitcoin would give way when he asked his followers when was the most ideal time to sell. After a few replies, however, the tycoon again confirmed its support for the precious metal and called it the most stable store of value that currently exists.
Bitcoin’s “enemy” Peter Schiff asked on Twitter: “If I buy BTC, how do I know when to sell it?”
Ethereum and other major altcoins will fall on February 22nd
As is so often the case, the decline in Bitcoin prices has triggered a kind of domino effect on the major altcoins, highlighting the decline of some of the most respected exponents in this market.
Perhaps the most notable case would be that of Ethereum (ETH), as the second largest capitalization currency falls to around $ 1,739 per unit after hitting record highs above $ 2,000 last weekend. Another case that has also seen significant losses is Binance Coin (BNB), as the token backed by the Binance team is also down more than 14% and is trading at around $ 251 per unit at the time of processing.
Other notable fallers are Polkadot (DOT), Cardano (ADA), Litecoin (LTC), Chainlink (LINK), Bitcoin Cash (BCH), Stellar (XLM), Uniswap (UNI), and AAVE, all of which are down on February 22nd with Drops close to and / or greater than 10%.
Grand Prize winners and losers on February 22nd
Finally, there are the coins with the strongest fluctuations for February 22nd, among which the following exponents stand out:
The main winner of the day amid this massive decline is CRO, the Crypto.com token, which rose over 70% on February 22nd. Reports indicate that this would be tied to burning around 70,000,000,000 CRO for the coming March 25th as part of the launch of the new Crypto.org chain network.
This is followed by HOLO and FTM tokens, both of which are generating profits of over 22% at the time of processing.
The biggest loser of the day is the GAS token, which has lost more than 31.6% in the past 24 hours.
It is followed by XVS and POLS, coins with a decline of more than 21% at the time of writing.
(Featured image from Worldspectrum via Pexels)
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First published in DiarioBitcoin, a third-party provider translated and adapted the article from the original. In the event of discrepancies, the original has priority.
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