dropping bitcoin suffers worst weekly year

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Why has bitcoin dropped to a two month low?

Bitcoin has posted its biggest one-day drop in almost two months, amid warnings that novice investors could suffer heavy losses from speculating in crypto assets such as “meme coin” dogecoin. Bitcoin tumbled more than 11% on Sunday, dropping from about $62,000 (£45,000) to $55,000 – its lowest level since the end of March.

What happened to bitcoin?

Bitcoin’s drop came as dogecoin – originally created as a joke – also fell back from its latest peak, after a remarkable surge this year. Dogecoin has gained more than 6,000% since the start of 2021, from $0.0046 to about $0.30 on Sunday, having briefly hit $0.43 on Friday.

Why was bitcoin weakened in Turkey?

Bitcoin had already weakened on Friday, after Turkey’s central bank banned the use of cryptocurrencies and crypto assets for purchases, citing the risks of possible “irreparable” losses. Data website CoinMarketCap also reported the blackout in China’s Xinjiang region, which reportedly powers a lot of bitcoin mining, for the selloff.

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