Bitcoin drops $ 10,000 in one hour; What was the cause?
Hours ago, the price of Bitcoin fell 17 percent to below $ 42,000 and then quickly recovered to $ 47,000. Some experts believe that the return of the US unemployment rate to pre-Corona levels and the central bank’s move to normalize monetary policy have had a negative impact on the prices of assets such as bitcoin and stocks.
According to Digital Currency and quoting various sources, the price of Bitcoin this morning dropped by about $ 10,000 in almost one hour and reached the lowest level of $ 42,000. After reaching this level, the price recovered quickly and now each unit of this digital currency is traded at about $ 47,900.
Bitcoin has fallen about $ 15,000 in the past 24 hours and Atrium, the second largest currency in the market, has fallen nearly $ 1,100. The fall in the price of Bitcoin has also affected other market currencies, and in the last 24 hours the prices of some of them have fallen by more than 20%.
The decline in the digital currency market began almost after the US Labor Office announced yesterday that the unemployment rate in the country had fallen from 4.6 percent last month to 4.2 percent in November; This is the lowest unemployment rate in the United States since February 2020.
Some experts believe that reducing unemployment in the United States and returning the rate to pre-Corona levels around the world could help the central bank return its monetary policy to normal more quickly and slow down the dollar. This could eventually lead to a rise in the value of the dollar in world markets, followed by a drop in the price of bitcoin and other high-risk assets.
As previously reported, US Federal Reserve Chairman Jerome Powell announced last week that easing monetary policy may return to normal sooner than expected.
Despite the falling dollar value of bitcoin and the fear that pervades the market, as usual, some traders use this correction as an opportunity to buy on the price floor. El Salvador’s President Nayib Bukele, who introduced bitcoin as the country’s legal tender a few months ago, announced on Twitter a few minutes ago that he had bought another 150 bitcoins for about $ 48,700.