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Bitcoin tumbles by whooping 5.9% – Will it drop to $75,000?
['Our Correspondent']
Pakistan Observer
NEW YORK – Bitcoin, leading cryptocurrency, has recorded a whooping decline of 5.9 percent or $5198 in the last 24 hours to drop to $82,888.74, according to Binance.
Amid the bearish trend, some experts fear that the Bitcoin may drop to $75,000 if the US Federal Reserve implement strict measures on money supply.
On the other hand, gold attracted investors from across the globe as price touched historic highs near $5,600 per ounce.
But that rally came to a sudden halt, as bullion witnessed sharpest one-day crash in years, coming down over 8% and wiping out nearly $3.4 trillion in global market value.
The unprecedented shake-up comes as the global gold market plunged dramatically on Thursday, January 29, erasing nearly $3.4 trillion in market value in a single day.