Bitcoin extended its losses, falling near $34,000, posting losses of more than 50 percent of its value since its record high in November.
Bitcoin, the largest digital asset, extended its decline on Saturday, losing more than 50 percent from its level in November, adding more impetus to the cryptocurrency’s collapse.
Bitcoin fell to $34,042.78 on Saturday, down 7.2 percent, before paring most of those losses.
On Friday, Bitcoin fell 6 percent to $38,250, continuing its decline to 7.2 percent.
Bitcoin’s drop since November has wiped out more than $600 billion from its market capitalization, and lost more than $1 trillion from the overall crypto market.
A number of experts believe that the political crisis in Kazakhstan played an important role in this decline, as the country’s share of global Bitcoin mining is about 18%, but there are other factors that contributed to the decline in the price of the world’s first digital currency.
Artem Dave, principal analyst at AMarkets, believes that the decline in the exchange rate of Bitcoin and other cryptocurrencies at the end of last year is mainly due to new actions in the stock market.
On the other hand, financial analyst at Finam Financial Services, Sergey Berikhod, says that the volume of mining in Kazakhstan has witnessed a great development after the mass exodus of workers in this field from China, due to the pressure exerted by the Chinese authorities on digital currencies.
