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Bitcoin loses about 6,000 of its value due to profit-taking from traders



The price of the most prominent virtual currency unit bitcoin fell by more than 9.5%, or 5931, in morning trading on Sunday, due to profit-taking by traders, after a sharp rise last week.


By 07: 16 GMT, the price of a Bitcoin unit had fallen to 56.1 thousand, down from Saturday’s closing price of 6 62.03 thousand per unit.

Traders carried out extensive sales during the early hours, Sunday, to reap the profits they had achieved in last week’s transactions, with the unit then rising to more than 64 thousand dollars, a historic high.


Experts and financial institutions around the world have long warned against the high volatility of virtual currencies because they are not based on hedging instruments such as gold, foreign exchange or major financial institutions.


The market capitalization of the virtual currency for the months was 1.049 trillion, spread over 18.685 million units traded out of 21 million units in global circulation.


Global demand for the most prominent virtual currency has grown, despite its high market value, amid reports that it could break The 100,000 barrier later this year.


Virtual currencies do not have a serial number and are not controlled by governments and central banks, like traditional currencies, but are only processed via the internet, without a physical presence.


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