in recent months, it has recorded solid declines. In November 2021, the largest was estimated at over 68,000. . Since then, the digital currency has started to lose. In April 2022, Bitcoin dropped to the level of approx. 45 thousand. dollars, and on June 18, for the first time in 18 months, it fell below 20 thousand. dollars.
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Cryptocurrencies are in crisis. Bitcoin and Ether are down strongly
On the last day of the second quarter of 2022, Bitcoin’s valuation was below 19,000. dollars. Even today (1 July) digital money does not exceed the 20,000 mark. US dollars. As noted by Coin Metrics, who cites data, the popular cryptocurrency lost approx. 58 percent in Q2. your worth. The past quarter was the worst for more than a decade – in the third quarter of 2021, Bitcoin lost 68.1 percent. its value, and in June 2022 alone it lost almost 40 percent.
Bitcoin rate Source: Stooq.pl
In turn – the second largest digital money (in terms of market capitalization) – lost 69.3% in Q2. values. July 1, 2022 at 11:15 am the cryptocurrency is valued at just over $ 1,060 and this is the worst result since January 2021.
Ether Source: Stooq.pl
Cryptocurrencies – what weakened them? Inflation, interest rates and the TerraUSD crash
Cryptocurrencies came under severe pressure in the past quarter amid rampant inflation, which caused central banks around the world to raise interest rates and sell off risky assets, including. incl. stocks and digital currencies.
The direct cause of the collapse of the cryptocurrency market is the May crash on the TerraUSD (UST) cryptocurrency. UST was the so-called stablecoin, i.e. a cryptocurrency whose rate is closely related to the value of a specific good. In this particular case, that good is the dollar to which UST was pegged 1: 1 -.
In mid-June, Celsius Network, a cryptocurrency loan company, explained its move as “extreme market conditions.” Last week, the CoinFlex exchange stopped paying out, giving the same reason for its decision.
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Source: Gazeta
Ricardo is a renowned author and journalist, known for his exceptional writing on top-news stories. He currently works as a writer at the 247 News Agency, where he is known for his ability to deliver breaking news and insightful analysis on the most pressing issues of the day.
