The price of bitcoin has fallen by more than 50% since the November peak

Photo: Bloomberg LP

The world’s most popular cryptocurrency, bitcoin, has erased more than 50% of its value from its record high in November, Bloomberg reports. Since the token peaked two months ago, its market value has fallen by more than $ 600 billion. According to CoinMarketCap, cryptocurrencies have generally wiped out about $ 1 trillion. dollars for this period. On Saturday, the price of bitcoin fell by 7.2% to $ 34,042. On Friday the value of the largest cryptocurrency by market capitalization decreased by 7.4% to 38 261 dollars, and that of the second – ether, fell below 3 thousand dollars. Virtual coins have become emblematic with the retreat of speculative investment caused by the prospect of tighter monetary policy in the United States. Recently, bitcoin has been monitoring price fluctuations in technology stocks, which have come under pressure as the Nasdaq 100 crashed on Thursday. Although serious declines in the value of tokens have been reported before, the current decline is the second largest in dollar terms, estimates Bespoke Investment Group. Bitcoin has risen in price over the past few years, in part due to conflicting scenarios for its institutional reception and its potential role in protecting investment portfolios from risk. His movements in volatile periods for global markets have undermined some of these claims.