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The price of the most popular cryptocurrency, bitcoin, fell to $47,961 on Tuesday. Over the past day, bitcoin has fallen by more than 11%. The market capitalization of the digital asset has also significantly decreased – from $1 trillion to $935 billion.
The price of the digital asset has declined significantly after it updated its absolute historical maximum or the mark of $58,000. It is noteworthy that on January 2 of this year, the cost of bitcoin was at the level of $33,000.
Last week, the consulting company The Motley Fool announced plans to invest at least $5 million in cryptocurrency. The company planned to use Bitcoin as a hedging tool to protect against inflation. The company's analysts are confident that in the next 15 years, the price of the digital coin will rise to $500,000.
However, not all experts are inclined to share such optimistic forecasts. Analysts at JPMorgan Chase believe that bitcoin is the worst way to protect oneself from falling stock prices. The bank's specialists are sure that the current bitcoin price is many times higher than its real and fair one. Analysts believe that such large investments in bitcoin increase its dependence on cyclical assets, which greatly reduces the attractiveness of a diversified investment portfolio.
It is worth noting that most of the top digital coins have fallen in price by more than 10% over the past 24 hours. The only exceptions are digital assets such as Polkadot and the stablecoin Tether.
Also, on February 22, the volume of liquidations of long positions in Bitcoin futures in one hour eventually amounted to $410 million.
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