Bitcoin fell nearly 6% after rising to $58,354 the day before, as global equity sell-offs hampered risk appetite.
The world’s most popular cryptocurrencies rose over the weekend to record highs, almost doubling their value since the beginning of the year. Its market value was $1 trillion on Friday.
The rival cryptocurrency, Ethereum, fell seven percent to $1,798. Bitcoin was trading at $54,000 by 1011 GMT.
Bitcoin’s gains have fuelled signs that it is being accepted by large investors and large companies such as Tesla, MasterCard and Bank of New York Mellon.
Experts expect the price of bitcoin to jump nearly double by the end of the year.
Last January, Sputnik interviewed Russian bitcoin experts on the birthday of the world’s most famous cryptocurrency, and experts predicted the currency would reach $100,000.
“I expect bitcoin indices in 2021 to reach levels well above current levels,” said Yuri Prebachkin, president of the Russian Association for Encrypted Economy, Artificial Intelligence and Blockchain.
“According to positive expectations, the cost of Bitcoin will exceed $65,000-75,000 in the third quarter of 2021.”
“In the event of a negative scenario, the currency will be priced between 10-25,000, with this price being short-lived for growth in 2022-2023.”
Yakov Barinsky, president of the Cryptocurrency Investment Fund, said the price of Bitcoin is likely to rise to $100,000 in 2021.
“The positive scenario is that the price will rise to $90,000 at the end of 2021, the average is $50,000, and the negative is the price dropping to $10,196,” said Yuri Mazur, Head of Data Analysis at Brooker.
On Friday, Mohammed Abdul Wahab, who works for a financial advisory firm in Saudi Arabia, predicted bitcoin to rise to $100,000 by the end of the year, but warned against investing in it.
“Bitcoin is a high-risk investment that is not suitable for small investors who dream of rapid wealth.” They have to make sure that Bitcoin is going to go bankrupt.”
He said fiscal stimulus, especially in the United States, aimed at eliminating the effects of the Coronavirus on the economy will raise inflation to its highest levels in 12 years, and will have serious repercussions, including the decline of the dollar index, which prompted investors to look for other tools to save money.
“The valuation of major investors for assets in 2017 was just a game or bubble that will end quickly, which is what really happened in 2018.”