Bitcoin price has recovered from its lowest $43,000 levels in the last weeks. According to CoinMarketCap, the price of Bitcoin extended its decline below the $45,000 support level$ on late Sunday, February 28, to $43,261, which was the lowest in the last three weeks.
The price then started to recover on early Monday, March 1, and Bitcoin is currently correcting higher and trading above the $45,000 level. According to CoinMarketCap, the coin is now trading at $47,396 at the time of writing.
Bitcoin is down 24% in the seven days through Sunday, and it is the worst weekly performance since March 2020. This downward trend was a continuation of last week’s trend when bitcoin fell from $58,000 levels. According to some reports, the coin’s price fell amid concerns that rising U.S. Treasury bond yields might prompt the US Fed to tighten monetary policy sooner rather than later to keep inflation in control, and the move could start a sell-off trend of risky assets including stocks and bitcoin.
But it is interesting that Bitcoin failed to get a lift in the last week despite some good news in the crypto industry, such as JP Morgan’s report arguing that investors could allocate 1% of their portfolios to the largest cryptocurrency.
But despite these price volatility events, the popularity of Bitcoin is slowing down as Canadian investor and television personality Kevin O’Leary, who previously called cryptocurrencies garbage, in a CNBC interview last, said that he had invested 3% of his portfolio in Bitcoin and Ethereum. He believes that digital currencies are here to stay and is also planning to invest in Bitcoin mining infrastructure. He stated:
“I am fascinated. I’m investing. I’m holding a 3% weighting in it between ethereum and bitcoin. The volatility sickens me but I’m getting used to it.”
The second-largest crypto-asset Ether (ETH) also suffered a price fall with Bitcoin, declining 24% in the last 7 days. ETH price fell to $1,302 on Sunday before recovering to $1,445 on early Monday.
Cardano (ADA), which became the third-largest crypto-asset last week, was the only asset in the list of top 10 that experienced upward movements, gaining 20% in the last 7 days amid the ‘Mary’ hard fork that would take place on Monday, March 1st. ADA cryptocurrency has surged over 474% in 2021.
WE'RE ON!! We can today confirm that the ‘Mary’ #Cardano protocol update is now fully confirmed for March 1st.
— Input Output (@InputOutputHK) February 24, 2021
Another key milestone in the #Goguen rollout, the update introduces native tokens & multi-asset support, bringing exciting new use cases for #Cardano 1/3 pic.twitter.com/FFK0cGNbmD
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