Bitcoin once fell as much as 10% and the selling in cryptocurrency intensified
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Bitcoin continued its decline on Tuesday, and investors’ sentiment was further dampened by concerns that the Federal Reserve would raise interest rates more substantially to control inflation. The world’s largest digital currency once fell 10.3% to US $20824, the lowest level since december2020. Other cryptocurrencies such as Ethereum and avalanche also fell across the board.
“With the global market value of cryptocurrency falling below US $1trillion, the market prospect of cryptocurrency is worrying,” said Edward Moya, senior market analyst of OANDA’s Americas business. He added that falling below $20000 could lead to “more ugly” price movements.
Cryptocurrency has become a symbol of speculative investment flight as monetary policy has been tightened around the world to cope with inflationary pressures and remove liquidity from global markets.
Celsius, a cryptocurrency institution, froze withdrawals on Monday, intensifying market concerns about the pressure in this digital asset field. Before that, the collapse of terra/luna ecosystem had caused tension in this field.
Traders are also watching MicroStrategy Inc., whose huge bets on bitcoin are having a reaction. Among the many problems that put the company under pressure, one threat is that the further decline in the price of bitcoin will require the company to increase loan collateral.
Read more from the global market: Google Trends: the data shows “buy bitcoin with credit card” Search volume reaches a record high terawulf: it is estimated that terawulf’s mining capacity will reach 800 MW in 2025, accounting for 10% of the current computing capacity of bitcoin network. Coingecko: the total market value of cryptocurrency has exceeded the $3trillion mark. In 2021, the cryptocurrency market inventory: bitcoin is still the dominant paysafe: research shows that 55% of those who hold cryptocurrency hope to receive wages in the form of digital assets such as bitcoin or Ethereum More than million Americans hold cryptocurrencies. In January 2018, the market value of bitcoin evaporated by $44billion. Coinmarketcap: in December 2017, the market value of global cryptocurrency exceeded $600billion. Coinmarketcap: in November 2017, the total scale of global cryptocurrency exceeded $300billion. Freelander: in 2017, the growth rate of jobs related to Q3 cryptocurrency reached 82% FTC: since 2021, the loss of cryptocurrency scams has exceeded $1billion. Coin metrics: in May 2022, bitcoin fell below 31000 USD has halved since its peak in November 2021 yougov:3/4 American adults have heard of bitcoin howmuch: at present, the global value of bitcoin is about 41billion USD Peter rizun: top ten most influential research papers on cryptocurrencies in 2015
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