Bitcoin Loses Around $ 6,000 Of Its Value Due To Dealer Profit Taking

The price of the largest unit of virtual currency “Bitcoin” fell more than 9.5% to $ 5,931 on Sunday morning, due to profit-taking by dealers, after rising sharply last week.

By that time (07:16 GMT), the price of a unit of bitcoin had fallen to $ 56.1 thousand, down from the Saturday closing price of $ 62.03 thousand per unit. Read also Bitcoin hits record $ 61.6 thousand Economists: cryptocurrencies are future of international economic relations Bitcoin is at low level and great pressure on Facebook’s ‘Libra’ currency Due to crises, most recent of which is the Corona virus… Will Bitcoin become a means of protecting wealth?

Traders made large sell trades in the early hours on Sunday to reap the profits they made from last week’s trades with the unit rising to over $ 64,000 at the time. , its highest level ever.

Experts and financial institutions around the world have always warned against the high price volatility of virtual currencies, as they do not rely on hedging instruments such as gold, currencies or large financial institutions.

The market value of the most famous virtual currency was $ 1.049 trillion, spread over 18.685 million units traded out of 21 million units offered for global circulation.

Global demand for the world’s largest virtual currency has increased, despite increasing market value, amid reports it could cross the $ 100,000 mark later this year.

Virtual currencies do not have a serial number and are not subject to the control of governments and central banks, just like traditional currencies, but are processed only via the Internet, without their physical presence.