Business

Bitcoin significantly down by 12% this week

12:54, 23 September 2021
Bitcoin significantly down by 12% this week Photo: Jaap Arriens/ZUMAPRESS.com

The price of the most popular cryptocurrencies continues to drop this week as the price lost more than 3% on Wednesday.


The price has been below $40,000 for the first time since August. Since last Sunday bitcoin has gone down in value by 12%. 

The experts said that high Bitcoin volatility comes amid the possible default risk of heavily indebted Chinese developer Evergrande Group and a big stock market pullback.

Now Bitcoin has restored its position - the current price is near $42,200. However, the analysts predict a new plunge due to uncertainty on the Chinese debt market. 

In September Bitcoin reached the $50,000 cap for the first time since May when the cryptocurrency surpassed $58,000 per unit.

On September 7 The Republic of El Salvador became the first country in the world to start to use cryptocurrency as a payment instrument which brought big technical issues.

Bitcoin fell by more than 13% from almost $51,000 to $44,672 that day as at the same time Etherium plunged by 12% to $3,441. 

On Wednesday the startup Robinhood, who developed a popular app for retail investors, announced a plan to launch a cryptocurrency wallet feature on the same platform.

The Robinhood users already could buy and sell cryptocurrencies. However, the new feature extends the platform functionality and provides the opportunity to keep cryptocurrency in the wallet, exchange it and buy NFT-token.

The cryptocurrencies transactions and operations bring more than half of the total revenue of all Robinhood app operations.