Bitcoin falling and losing $ 500 million due to weak demand levels
Decline in the currency of the digital currency Bitcoin immediate transactions on Friday to continue losses for the third day in a row because of weak levels of investment demand for digital assets during the current period, especially with the emergence of some negative news in the market, and the absence of incentives to enter any new liquidity.
On the Betstamb Stock Exchange, by 07:20 GMT, the Bitcoin currency traded around $ 6,359,000, down $ 35, or 0.55 percent. The opening price was $ 6,394,000, the highest at $ 6,412,000 and the lowest at $ 6,359. Dollars. On Thursday, name prices lost 0.7%, the second consecutive daily loss, with corrections and profit taking from a three-week high of $ 6,756 per unit Bitcoin .
Earlier this week, the world’s largest currency “Bitcoin” recorded the highest level in three weeks, following open sales in the digital currency Tether on the Bitfinex platform, before selling on other platforms.
The market value of digital currencies on Friday fell by about $ 500 million to a total of $ 207 billion, continuing to retreat from the $ 221 billion recorded earlier on Monday, the highest level since October 9.
What Is Bitcoin
Bitcoin is a cryptocurrency and a global payment system that can be compared to other currencies such as the dollar or the euro, but with several basic differences, the most prominent of which to this currency is a fully electronic currency that is traded online only without its physical presence. It is the first decentralized digital currency – it is a system that operates without a central warehouse or a single manager, that is, it differs from traditional currencies by not having a central regulatory body behind it. Peer to peer network transactions are achieved directly between users without an intermediary through the use of encryption. These transactions are verified by network nodes and recorded in a distributed general and ledger book called a blockchain. Bitcoin was invented by an unknown person or group of people known as Satoshi Nakamoto and released as an open source program in 2009.
Bitcoin is created as a reward for a process known as mining. It can be exchanged for other currencies and products. As of February 2015, over 100,000 Bitcoin merchants and sellers have been certified as payment currency. It provides estimates of research produced by Cambridge University that in 2017, there are between 2.9 and 5.8 million users using a wallet of cryptocurrency, most of them using Bitcoin.