40 days ago, Bitcoin sold for $47,454. The current price is down 28% to $34,007.
About a third of the decline occurred this week “because Bitcoin, Ethereum, and other major cryptocurrencies fell sharply.” Forbes Report, “It will blow around $200 billion of the cryptocurrency market in just a few days (although some fear the price of Bitcoin could fall even further).” Bitcoin reached its lowest level since July “in the wake of the biggest rate hike by the Fed in years.”
Ethereum and other top ten luna, solana, cardano and avalanche are also struggling with market sentiment dropping to their lowest since January. Smaller cryptocurrencies that have outperformed Bitcoin and Ethereum in recent months have fallen even more during this latest crash. . DailyFX analyst Tammy Da Costa added, “The future of individual coins or tokens remains uncertain, and the law governs these solicitations and the approval of social media giants like Elon Musk.”
CNBC noted that the decline “has come after a widespread sell-off in the US last week,” but Bitcoin is “now 50% down from its November 2021 high of $67,802.30.”
Cryptocurrency Market Drops $200B, Bitcoin Falls 50% Since November
Source link Cryptocurrency Market Drops $200B, Bitcoin Falls 50% Since November