Bitcoin Sees Big fall, Price declines to USD 92,800, Ether drops More than 2 percent

There is a decline in the crypto market after strong economic data in America. The price of Bitcoin, the largest cryptocurrency by market value, fell by almost three percent on Thursday to a little more than $ 92,900. The Federal Reserve may step back from rate cuts after seeing signs of a strengthening economy in America.

At the time of writing this report International Crypto Exchange Binance But the price of Bitcoin was at $92,984. The price of Ether, the second largest cryptocurrency, was down more than two percent at around $3,381. Apart from this, there were losses in many cryptocurrencies like Solana, XRP, Cardano and Stellar. Market analysts say that there are signs of recession in Bitcoin. It may consolidate at around $90,000 level. If this level is broken, there is a possibility of a huge fall in Bitcoin.

However, the upside remains for Bitcoin in the long term. Bitcoin’s share in the crypto market is about 56 percent. The interest of institutional investors in this most popular cryptocurrency is also increasing. Enterprise software maker MicroStrategy purchased large amounts of Bitcoin for the eighth consecutive week in late December. It is the company with the largest holding of Bitcoin. MicroStrategy holds approximately 4,46,000 Bitcoins. Recently this company had said that it can buy Bitcoin by issuing more shares this year. However, questions have also been raised on MicroStrategy’s strategy of buying Bitcoin by selling shares.

Donald Trump, who is soon going to take over as the President of America, had hinted at creating a reserve of Bitcoin. However, the Federal Reserve says it does not intend to get involved in the upcoming government plan to create a large stock of Bitcoin. Russian companies are using Bitcoin in their business abroad. Russia had changed the law to allow the use of cryptocurrencies to deal with the restrictions of Western countries. Russian President Vladimir Putin had said that the US government is reducing the role of the US dollar by using it for political purposes. Because of this many countries are having to turn to other assets.