The cryptocurrency market is experiencing a dramatic crash. The most popular digital currency, Bitcoin, has fallen even below $ 38,000, to its lowest level in six months.
It is the third consecutive day of decline for Bitcoin, which recorded intra-conference losses of up to 8.8%.
The pressures for the other cryptocurrency Ether are even stronger, which with a “dip” of 11.1% sees its price fall below $ 3,000. Smaller cryptocurrencies that have recently come to the fore, such as Solana, Cardano and Binance Coin, are also being pounded.
This happened in the midst of a drastic increase in trading volume, probably as people rushed to get rid of cryptocurrencies, which have seen their continued devaluation in recent days. Market volume increased by 113%, according to the monitoring site CoinMarketCap.
Poor performance is in stark contrast to record performance at the end of the year. Bitcoin hit an all-time high in November – reaching almost $ 70,000. Bitcoin has seen its value shrink by 44% since early November. Digital assets are proving extremely vulnerable to both risk aversion and investor regulatory efforts around the world to promote a stricter regulatory framework.
In Britain, Spain and Singapore, authorities have indicated they will immediately adopt stricter rules for promoting cryptocurrencies to small investors, with Russia’s central bank even proposing a total ban on mining.
Under these circumstances, it is not excluded that we will see a continuation in the sell off next week, with Bitcoin losing the support of 35,000 dollars.
See all the news
Indepentend
Follow Skai.gr on Google News
and be the first to know all the news
.
