The bitcoin falls 4%, slipping further above the سطح 50,000 key level. Currency News | Financial and business news.

The bitcoin is the world’s largest cryptocurrency in terms of value.

  • The bitcoin fell 4% on Thursday, slipping further above the سطح 50,000 mark.
  • Bitcoin was struggling with general market nerves ahead of the Fed Chair’s keynote speech, one analyst said.
  • Its price has risen sharply since July, crossing $ 50,000 before being pulled again on Monday.
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The value of the bitcoin fell 4.4 percent on Thursday as the world’s largest cryptocurrency slipped more than سطح 50,000 on Monday.

The token recovered some ground and traded at 35 46,990 at 7.35am ET, down 3.5% for the day, according to Bloomberg data.

On Monday, the bitcoin rose above $ 50,000 for the first time since May after falling sharply below 30 30,000 in July. The move angered the pundits, who suggested it could raise another leg.

But the bitcoin has since lost ground, falling about 7% from its Monday height by Thursday morning.

“The cryptocurrency fell in the Asian session, the bitcoin hit its lowest level in more than a week,” Saxon Bank chief investment officer Stan Jacobson said in a note.

Read more: This VC only invests in bitcoin companies. Here are the 4 biggest predictions for cryptocurrency.

Edward Moya, senior market analyst at Onda, noted that the bitcoin fell before a keynote address by Federal Reserve Chair Jerome Powell at the Virtual Jackson Hole Symposium for Central Banks on Friday.

“Bitcoin is struggling here as investors look forward to seeing if Fed Chair Powell presents a startling surprise and helps boost Treasury yields, which reduce the appeal of risky assets,” he said. Is.”

The biggest cryptocurrency has been a major beneficiary of America’s heavy financial and financial stimulus during the economic crisis caused by the epidemic. The price could fall if Powell reveals that the central bank will soon begin withdrawing its support.

“Regardless of what happens at Jackson Hole this week, many cryptocurrency traders are waiting to see if risk aversion returns and the opportunity to buy a bitcoin arises,” Moya said.

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