After major institutional players supported bitcoin, it scaled t a massive $583514 on February 21, 2021. And now since then it has seen a huge fall of over 26% to $43,165 levels on Sunday.
The digital currency gained traction after there were hopes of it being accepted as a mainstream payment mode and investment.
Major firms including the likes of Tesla, BNY Mellon, BlackRock Inc and credit card giant Mastercard Inc have backed cryptocurrencies. Other companies that have made investments into crypto include Tesla Inc, Square Inc and MicroStrategy.
Also, now on as per experts, from a long term perspective, the outlook for bitcoin remains even more worse owing to environmental concerns and tightening regulations.
The sheer amount of energy needed to mine Bitcoin and the prospect that governments will create more obstacles for the largest cryptocurrency point to the token losing "most of its value over time," BCA Research Inc. said.