A sudden drop for "Bitcoin" to reach $ 16,500

Bitcoin's cryptocurrency plunged on Thursday by more than 12%, to $ 16,500.

According to Arabiya Net, this drop raised questions again about the future of cryptocurrencies after the missile gains achieved by Bitcoin and some other digital currencies since the beginning of this year. >

as other cryptocurrencies fell, as Ripple XRB lost 20.26% to $ 0.51, and Ethereum fell 13.16% to $ 500.8.

This comes after a series of rises and bets to continue the rise of the world's most famous cryptocurrency.

and since last January, Bitcoin has achieved a 160% rise after approaching $ 20,000, supported by strong demand from financial institutions along with its shortage in the market. Electronic payment companies such as Square and PayPal purchased it on behalf of customers.

According to CoinMarket Cap data, the total market value of digital currencies rose by 14% within a week, winning about $ 69.2 billion, after the total market value of digital currencies rose from The level of $ 498.2 billion in trading last Tuesday to the level of $ 561.4 billion in trading this morning.

and digital currencies have gained more momentum recently, with the increasing institutional interest in them and their adoption by some companies, especially PayPal.

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 around the level of $ 1500.

In this context, CEO of Intermarket Strategy Ashraf Al-Aidi explained, in an interview with Al-Arabiya, that digital currencies have recently witnessed unjustified sharp rises, indicating that Bitcoin It increased between 2012 and 2016 by about 500 times.

Al-Aidi emphasized that Bitcoin is witnessing corrections after strong jumps, after rises of about 140% since the beginning of the year, so it is normal to witness a correction of 7% on Lowest.