Bitcoin failed to take care of any significant positive factors above $50,000-mark forward of the upcoming assembly of US Federal Reserve scheduled on Wednesday. Bitcoin value dropped sharply on the beginning of this month, on December 4. Later, it had moved increased to reclaim $50,000 on December 12 however it dropped once more close to $47,000-mark this week. The bearish momentum within the cryptocurrency market prevailed because the traders had been fearful about US Federal Reserve’s determination on the rate of interest change on December 15 assembly.
The world’s largest cryptocurrency by market capitalisation, nevertheless, rose 2.03 per cent within the final 24 hours to $47,962.38 at 800 hours on December 15, in keeping with CoinMarketCap. Bitcoin value tanked over 5 per cent in final one week. It have to be talked about Bitcoin retreated greater than 30 per cent from an all-time excessive of virtually $69,000 on November 10. Analysts counsel this sudden drop is short-term as patrons are repeatedly dipping into cryptocurrency investments.