A report by investment bank JP Morgan stated that the recent declines in Bitcoin cryptocurrency are correcting unjustified gains, and that this correction does not eliminate the possibility of a further decline.
According to Arabianet, the report added that speculators in the commodity and fund markets contributed to the recent declines due to abandoning futures contracts.
and profit-taking and fears of new cryptocurrency regulations led to the digital currency's decline by up to 14% during last Thursday's trading, after it got close to The record you set in 2017 when it broke the $ 19,000 mark.
and digital currencies have gained more momentum recently, with the increasing institutional interest in them and their adoption by some companies, especially PayPal.
and since the beginning of this year, Bitcoin has risen by just under 150%, to its highest level in more than 3 years, amid expectations that it will exceed the levels of 2017 when Its price exceeded the level of $ 20 thousand.
and cryptocurrencies benefited from the Corona crisis as a safe haven and a hedge against inflation after governments and central banks pumped huge stimulus packages, to succeed in surpassing gold in performance this year. During the current year, the price of gold rose by 22.46%, winning about $ 447, after the price of an ounce rose from the level of $ 1500 at the beginning of 2020 trading to the level of $ 1837 in Monday's trading.
