The cryptocurrency trade is braced for additional turmoil after greater than $900 billion was wiped off the bitcoin market since final yr’s peak.
The value of bitcoin languished at about $19,600 late yesterday amid unstable buying and selling over the weekend, falling under $20,000 for the primary time since November 2020.
The sell-off represents a 71 per cent decline within the worth of essentially the most actively traded cryptocurrency from its peak of $68,999.99 in November final yr. Ethereum, the second hottest cryptocurrency, has fallen by 78 per cent throughout the identical interval.
Rampant inflation and tightening financial coverage have made bitcoin much less enticing to traders, who had been keen to take extra threat on speculative investments whereas rates of interest had been at document lows. The deepening rout
