Bitcoin once plunged by $3,000! Wall Street supports it after the sharp drop

In the early hours of Wednesday morning, Bitcoin (BTC) fell below $47,100 in the midday trading of the U.S. stock market, hitting a new low for the day, down more than $3,100 from the intraday high. The price of Bitcoin was above $47,500 when the U.S. stock market closed. As of press time, Bitcoin is still fluctuating below $48,000, and more than 70,000 people and 2.9 billion yuan of funds have been liquidated in the past 24 hours.

After a week of 20% plunge, Bitcoin has received new positive news, this time with Wall Street bigwigs coming out to support it. However, judging from the current market situation, the market does not seem to be "buying it".

On March 1, local time, analysts at the US investment bank Citigroup said that Bitcoin, the world's largest cryptocurrency, is at a historically decisive moment and is now at a "critical point" where it will either become the currency of choice for international transactions or face a "speculative implosion." Even more so than Citigroup, in the view of Jurrien Timmer, head of Fidelity's global macro business, Bitcoin can serve as "digital gold."
Not only Citigroup and Fidelity are optimistic, but Goldman Sachs is also interested. On March 2, Bloomberg quoted people familiar with the matter as saying that Goldman Sachs has restarted its cryptocurrency trading desk and will provide clients with Bitcoin futures and non-deliverable forward (NDF) trading services starting in mid-March. It is also studying the possibility of a Bitcoin ETF.