Bitcoin Price Plummets 27.52% From Its All-Time High

Cryptocurrency prices have plummeted in recent days. According to Coindesk, the price of Bitcoin (BTC) weakened by 0.62% to US$49,270 per coin in trading on December 5, 2021, until 10:15 WIB (Western Indonesian Time), compared to the previous day.

In fact, the BTC price has also slid down 27.52% from its highest level of US$67,553 per coin on November 9, 2021.

Compared to its position on December 31, 2020, the price of this cryptocurrency still recorded a year-to-date (YTD) increase of 69.48%.

Bitcoin is one of the cryptocurrencies with the largest market capitalization currently. Based on Coindesk data, BTC's market capitalization reached US$928.35 billion or equivalent to Rp 13.38 quadrillion (using an exchange rate of Rp 14,408 per US dollar).

The threat from the Chinese government regarding its plan to crack down on miners and those who trade cryptocurrencies in the country has triggered pressure on cryptocurrencies in the global market.

Although it is traded globally and has become an alternative for global fund managers, the existence of this digital currency still faces opposition from central banks worldwide.