The latest drop in the value of Bitcoin comes after a “rally” that was observed in the first three weeks of February.
The value of Bitcoin reached a 20-day low, reaching $43.000 on Sunday afternoon, thus continuing the downward trend that has taken place in recent days, according to trading data from “CoinDesk“.
The value of Bitcoin reached a record $58,332 at the beginning of last week, but overall it has fallen by about 24% in recent times.
Earlier this week, US Treasury Secretary Janet Yellen described Bitcoin as an “extremely inefficient way of trading“, calling it a “highly volatile” and “extremely speculative asset” rarely used for financial transactions.
In any case, for most of February the crypto currency broke one record after another, mainly after the investment of $1.5 billion by the electric vehicle company Tesla.
Bitcoin is currently the largest digital currency in terms of market capitalisation. It started in 2009 after it was invented a year before Satoshi Nakamoto whose real identity still remains unknown.
It is worth saying that Bitcoin now accounts for about 70.5% of the total global crypto currency market, making it the most popular crypto currency in digital markets.