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Bitcoin loses 6.8% of its value last week

Bitcoin

Bitcoin, the most popular cryptocurrency, lost 6.8% of its value last week.

During Saturday’s trading, the price of the cryptocurrency fell by 0.3% to reach $48,700.

Despite the highs that the famous currency has experienced during the last period, it remains 25% less than the highest level it reached last April, which amounted to $64,870.

Digital currencies rose, after the “Bitcoin whales” returned to the market, at a time when they fell Friday after the whales achieved profits.

The price of Bitcoin reached $48,900 on Saturday morning, to record levels of $921.6 billion, while the trading volume was at $31.4 billion since Friday morning.

Investors are betting on increased spending in the United States, which prompted the cryptocurrency whales to buy and make gains.

Bitcoin whales

More mainstream financial services firms have taken steps to invest in the emerging asset class.

“The bitcoin accumulated by recent large investors is related to the medium-term change in bitcoin price,” Philip Gradwell, chief economist at Chainalysis, told CNBC.

Bitcoin “whale” activity has been linked to price action this year. Those larger investors were a “driving force” in the market until late February, Gradwell said.

As big investors acquire more digital assets, prices typically rise over 28 days. When they sell, prices fall, Chainalysis found.

The cryptocurrency has gained about 82% since hitting its lowest level this year at $27,700 in January.

In the middle of this month, the price of virtual currencies rose at a time when international companies continued to recognize Bitcoin as a payment currency for the services of companies such as Apple Pay and Google Pay.

AMC, the operator of cinemas in America, also announced, last Tuesday, that it will be technically ready to accept Bitcoin to book theater tickets by the end of this year.

The Chedi Andermatt hotel, located in the Swiss Alps region, announced on Friday that it would allow its guests to pay for their stay in the hotel in digital currencies.

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