The price of Bitcoin on March 4 morning fell by 5% over the past day, Report informs referring to the auction data.
On Binance, the largest cryptocurrency exchange in terms of trading volume, Bitcoin fell by 4.8% $41,200.
Analysts at CoinMarketCap note that geopolitical uncertainty has become the reason for the cheapening of Bitcoin. “Ongoing geopolitical conflict and macro uncertainty could result in continued volatility,” said Sean Farrell, head of digital-asset strategy at Fundstrat. “If we see another significant bout of downward pressure on prices, recent precedent gives us some confidence that there will be buyers that step up” in the $33,000 to $35,000 range,” he said.
In January, Bitcoin fell by almost 17%, in February it recovered somewhat, rising by 12%. Since the beginning of March, the price of the cryptocurrency has so far shown a decline of about 5%.
At the end of last year, Bitcoin increased in price by 1.6 times - to $46,200 from $28,900. Moreover, in the first quarter, the cryptocurrency doubled in price reaching $58,700. In November, the price of Bitcoin reached a historical record of $69,000, after which it began to decline.