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Tuesday, June 28, 2022

Bitcoin at its lowest point in a year and a half

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Bitcoin is currently at its lowest point in a year and a half. The digital currency is currently worth around $22,500. Bitcoin has fallen more than 20 per cent since Sunday.

At the beginning of the year, 1 bitcoin was still worth more than double, namely $ 48,000. However, according to NU .nl, investors seem to fear higher interest rates from the US Federal Reserve due to high inflation. In the investment world, investments in cryptocurrencies are seen as risky. When interest rates rise, investors regularly choose to withdraw their investments from digital currencies and take less risk.

Furthermore, there are currently also issues with crypto companies, which are struggling due to the extreme market conditions. For example, Cryptobank Celsius Network froze all transactions on Monday to prevent a collapse. The problems have a major impact on investor confidence in cryptocurrencies.

Bitcoin lost a fifth of its value in two days. Ether, the second-largest digital currency after bitcoin, lost more than a third of its value in the past week.

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