After a new record of about 62 thousand dollars, Bitcoin fell again

TOKYO: The value of the digital currency, Bitcoin, reached a record high of about 62,000 dollar earlier this year. But on Tuesday morning, the world’s most popular cryptocurrency fell to 53,785 dollar.

Earlier, Reuters reported that digital assets could be banned in India. It is suspected that this may be the reason for the sudden decline in the price of Bitcoin. This year, Bitcoin has been linked to many celebrities. From Tesla owner Alan Musk to Twitter chief Jack Dorsey, more interest has been shown. According to currency policymaker Masafumi Yamamoto, Bitcoin can no longer be ignored by investors.

The price of Bitcoin has tripled since the end of 2020. Saturday’s increase was attributed to Biden’s new Covid relief package in the United States. In 2020, the total market value of Bitcoin was 1 trillion dollar.

However, as the price of Bitcoin has remained erratic, investing in it is considered risky, say technicians. The recent rise is said to be due to its involvement with a large company. It is also believed that the use and trade of Bitcoin has increased as people are moving away from banknotes and coins in the Covid epidemic.

However, concerns have been raised about the potential damage to the environment as the Bitcoin business has huge energy costs. -Reuters