On Friday, April 23rd, bitcoin fell sharply in international trading.

At the beginning of the day, the cost of an electronic coin fell by more than 12% and dropped to $ 47.5 thousand. The last time a similar figure could be observed on March 7.

This is evidenced by data from the CoinDesk portal.

Following Bitcoin, other digital assets showed similar dynamics.

So, for example, Ethereum became cheaper by almost 14%, to $ 2.1 thousand, Litecoin - by 20%, to $ 208, and Ripple - by 30%, to $ 0.9.

The total value of all cryptocurrencies over the past day fell by almost $ 270 billion and at the moment dropped to $ 1.73 trillion.

Such data is provided by the CoinMarketCap portal.

Experts associate the observed drop in the cryptocurrency market with a natural market correction.

So, after the explosive rise in prices for electronic coins in recent weeks, investors began to massively sell digital assets in an attempt to fix profits.

The reason for this behavior of market players was the news about the plans of the American authorities to significantly increase taxes for wealthy citizens.

The chief analyst of TeleTrade, Mark Goikhman, spoke about this in a conversation with RT.

“Since cryptocurrencies are virtual and do not have a solid material basis, their prices are extremely speculative, so such sharp ups and downs will be repeated.

The current spike has been triggered by declining stock markets following reports of Joe Biden's intention to double the capital gains tax for the rich.

But this is just the reason that the market was waiting for to justify a large-scale fall, ”explained Goikhman.

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In addition, one of the factors behind the fall in the price of bitcoin was the problem with the mining of crypto coins in China.

Alexander Khvoinitsky, the marketing director of the cryptocurrency P2P platform Chatex, shared this opinion in an interview with RT.

“The price is going down naturally, because there was a panic over the miners in the PRC.

So, after an accident at one of the coal mines in Xinjiang, China, the regional authorities began to conduct security checks, which resulted in power outages.

Against this background, bitcoin mining stopped for quite a long time, ”said Khvoinitskiy.

Recall that the main cryptocurrency exists on the basis of blockchain technology - a single database that contains information about all previous transactions.

The emission of bitcoins occurs due to mining - solving complex mathematical problems and the appearance of a new block in the blockchain network.

Each such block is an array of data, where information about transactions carried out after the creation of the previous block is entered.

As a reward for solving the problem, miners receive bitcoins.

According to experts interviewed by RT, in the near future, the fall in the bitcoin rate may continue.

According to the head of the data analysis department of CEX.IO Broker Yuri Mazur, the price of an electronic coin may drop to $ 45.2 thousand.At the same time, the leading strategist of EXANTE Janis Kivkulis does not exclude a fall in the rate below $ 44 thousand.

“In the most negative scenario, if there are not enough buyers, the target may even be a level of $ 30 thousand, which will serve as the last barrier before a new market depression.

Nevertheless, if investors show particular activity, we may well see a trend reversal, ”Kivkulis said.

Meanwhile, in the long term, the value of bitcoin will continue to grow, Mark Goikhman is sure.

According to him, interest in cryptocurrency will increase as large companies and financial players enter the digital money market.

“In general, the growing trend in cryptocurrency remains.

It is connected with the fact that bitcoin is gradually increasing its functionality and practical application as a full-fledged classic money.

In particular, it has recently acquired broad functions as a means of circulation, payment and accumulation.

Large companies such as Bank of New York Mellon, Mastercard and Tesla accept it as payment or invest in it, ”explained Goikhman.

It is noteworthy that under these conditions, the bitcoin rate can even reach $ 100 thousand per coin.

Changpeng Zhao, the founder of the world's largest cryptocurrency exchange, Binance, spoke about this earlier in an interview with RT.

“The demand for cryptocurrencies remains stable, and we believe that it will continue to grow gradually as more companies accept digital coins as a method of payment,” Zhao said.