The value of the bitcoin fell from 25,000 to an 18-month low as investors invested in such assets months after the cryptocurrency's reco...
The value of the bitcoin fell from 25,000 to an 18-month low as investors invested in such assets months after the cryptocurrency's record high due to the uncertain and risky selling trend in world markets. Avoided which has more 'risk factor'.
According to foreign news agency Reuters, the unit was also shocked by the news that the cryptocurrency lending platform Celsius Network has stopped the withdrawal process citing unstable economic conditions. ۔
Global stock markets have been on a downward trend since Friday, with the latest data showing US inflation hitting a four-decade high, raising fears of a severe economic crisis in the country, followed by capital inflows. Cars decided to invest in safe assets like dollars.
Also read: Record declines in bitcoin and other digital currencies
"The sharp decline in the market is not much of a surprise when we see a growing correlation between traditional stocks, which have recently declined, and the cryptocurrency market, over the past few years," said Father Kodmani, chief market analyst at XTB. Have seen the link
The value of the world's most popular cryptocurrency fell by almost 10% in morning deals in London, after which it reached 23,794, the last time it reached this level was in December 2020.
The virtual unit has fallen to 65% after hitting a record high in November 2021.
On Monday, investors sought some security measures from the US Federal Reserve, which could lead to higher borrowing costs to offset rising inflation.
Read more: Bitcoin price reaches record high
Bitcoin's value plummeted following news from the Celsius Network.
"Today we are announcing that Celsius is blocking all withdrawals, swaps and transfers between accounts," the platform said in a statement.
The statement added that Celsius took this drastic step due to market conditions.
The total value of consumer reserves in May had already halved to less than 12 billion compared to the end of last year.
The market value of cryptocurrency fell below 10 trillion
Meanwhile, the value of the cryptocurrency market fell below 10 trillion for the first time since January 2021, according to the data site Queen Market Cap, falling to 926 billion.
Also read: A bitcoin is more expensive than two and a half million rupees
The global cryptocurrency market reached 29 trillion in November 2021, but so far this year its value has declined.
Susanna Strater, a senior investment and market analyst at Hargreaves Landsdowne, says inflation has been a tougher opponent than expected, leading to a decline in the value of bitcoins and ethers, which has distanced them from investing in risky assets. While investors are worried about rising commodity prices around the world.
Given the growing importance of cryptocurrencies, two countries, El Salvador and the Central African Republic, have gambled to adopt the bitcoin as a legal tender, despite strong criticism from international financial institutions.
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