The two largest declines in recent months have been recorded. In November 2021, it was valued at over 68,000. . Since then, the digital currency has started to lose. In May 2022, Bitcoin dropped to the level of 30,000. dollars. . Bitcoin held the level, but serious problems began in June.
Cryptocurrencies are having problems. Bitcoin and Ether are down strongly
On Wednesday, the most popular cryptocurrency in the world approached the level of 20,000. dollars, and today has finally surpassed that limit. On Saturday, June 18, Bitcoin is valued at approx. 19 thousand. dollarsi.e. the least since December 2020.
Bitcoin rate Source: Stooq.pl
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The second largest cryptocurrency is also declining along with Bitcoin. Ether is currently valued at approximately $ 990although in March / April it approached the level of $ 3,500. In April it remained at the level of 3 thousand. dollars, and in mid-May it fell to 2 thousand. dollars.
Ether Source: Stooq.pl
Why are cryptocurrencies depreciating?
Bitcoin collapsed on Monday when Celsius Network, a cryptocurrency loan company, decided to freeze deposits and transfers. “Due to the extreme market conditions, we are announcing that Celsius is suspending all withdrawals, exchanges and transfers between accounts. We are taking action today to enable Celsius to better meet its payout obligations,” explained Celsius Network.
But that’s not the only reason. Cryptocurrencies depreciate for several reasons. The world is slowly recovering from the coronavirus pandemic, more countries are turning off the taps of cheap cash, and markets expect further increases in inflation and further increases in interest rates. In addition, there is the war in Ukraine, which may adversely affect the global GDP growth. You can read more about the problems of cryptocurrencies in the article below:
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