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Bitcoin (BTC) Testing Key Support Level After Sudden Drop
The cryptocurrency market is facing a tumultuous period, with the leading digital currency, Bitcoin (BTC), plummeting sharply in recent days. The price of BTC has dropped by 14.1% from its record high of $108,135 achieved on December 17.
In a latest update, the business intelligence firm MicroStrategy announced another significant Bitcoin purchase for the seventh consecutive week. However, this failed to propel the cryptocurrency’s value upward as it had been expected.
As a result, Bitcoin has dropped to fourth place by market capitalization, with the linked cryptocurrency now valued at $122.7 billion. Dogecoin (DOGE) and Cardano (ADA) are also experiencing losses of 2.5% and 2.2%, respectively.
The sudden drop in price has left many speculating about the future trajectory of the cryptocurrency market.
Source: u.today
