Bitcoin continues to weaken on Thursday

Bitcoin continued to weaken on Thursday morning. The reason is a wider decline in assets, which previously benefited from the optimism of retail investors supported by fiscal stimulus. The price of the largest and most famous cryptocurrency fell by 4.7% on Thursday morning to a 2-week low of 52,250 USD (44,186 euros). Bitcoin has been the longest weakening since December. It also loses the wider Bloomberg Galaxy Crypto Index. There is growing speculation that the additional money that American consumers have received as part of new pandemic fiscal aid and incentives will be spent in the real economy rather than in financial markets, as rapid vaccinations help return to a certain norm. The number of call options traded in the US has fallen from the record levels it reached earlier this year, as are stocks popular among retail investors such as GameStop or the popular ARK Innovation ETF. The weakening of bitcoin deepens the shift to value-added assets from growth assets, such as technology stocks, said Luno, head of the cryptobourse for Asia-Pacific, Vijay Ayyar. The price of bitcoin is currently about 15% below its record high of $ 61,742 reached less than two weeks ago. In a year-on-year comparison, however, bitcoin is still about 700% stronger. Bitcoin on Wednesday temporarily supported Tesla boss Elon Musk's tweets that customers can now buy the company's electric cars for bitcoin.