Cryptocurrencies lost about $600 billion in market value in one day, dropping from $2.6 trillion last Friday to $2.07 trillion on Saturday.
According to Al Arabiya.net, the famous investor, Louis Neville, identified 3 reasons behind the significant decline of digital currencies, explaining that the first reason is that the Fed's talk about the gradual reduction , scared investors of speculative assets.
Nevilier warned that a diminishing US Federal Reserve could cause the Bitcoin and cryptocurrency bubble to burst.
The second reason, says Neville, is that the outbreak of the OMICRON variant and the uncertainty surrounding its seriousness - and the efficacy of vaccines yet to be determined - have also led to investors By running away from dangerous speculation.
Finally, Neveliers explained that many investors, who are seeing the end of the year, are also looking to take profits and take money off the table.
