bitcoin keeps falling

Bitcoin Crash drags Ethereum and other cryptocurrencies


A. Gelfenstein, Bitcoin is a cryptocurrency or virtual currency, especially the first one that was developed. It was cryptocurrency that paved the way for all the others who came after using its technology.

Bitcoin has fallen below the $30,000 threshold, a price seen as a milestone as the cryptocurrency plummets.

This means that bitcoin is down almost 9% in the last day and around 23% in the last week.

Other cryptocurrencies such as Ethereum, XRP or Dogecoin also gave way. Currently, the market capitalization of around 19,300 cryptocurrencies has fallen below the $1500 million mark, according to coinmarketcap.

The record of nearly $3 billion reached last November seems distant. The change in the interest rate of many central banks is considered to be the main reason for the decline of the cryptocurrency market.

Central bankers are not satisfied with fighting inflation with sometimes significant increases in interest rates. Rising interest rates are also hurting assets like bitcoin that don't generate regular income. In addition, digital currencies, considered particularly risky, suffer the effects of global uncertainty due to the war unfolding in Ukraine.

The collapse of cryptocurrencies is also affecting a number of stocks exposed to the sector. Trader Coinbase was down 17% on Monday and this year down more than 65%. Robinhood, which also allows people to buy and sell certain cryptocurrencies, is down 45% in 2022.

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