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Tuesday, October 4, 2022

Bitcoin value dropped to $18,500

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Bitcoin value dropped to $18,500

Bitcoin’s value plunged to $18,500 yesterday, its lowest level since December 2020. The cryptocurrency’s value is falling as traders behave more cautiously amid rising interest rates.

At the beginning of this year, bitcoin was still worth more than 2.5 times as much, namely $ 48,000. But it is not only the cryptocurrency bitcoin that has fallen sharply in value over the past period. The ether also struggled with a fall in price and reached a value of 1,300 dollars yesterday.

According to media reports, investors seem to fear higher interest rates from the US Federal Reserve due to high inflation in the United States. 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.

In addition to the US Federal Reserve, the British Central Bank is also expected to raise interest rates. By diverting their investments from cryptocurrencies, traders are bracing for the global economic measures to curb inflation and investors are behaving more cautiously.

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