Friday, June 21, 2024

Bitcoin fell below $23,000, Other cryptocurrencies also fell sharply

The price of bitcoin fell below $23,000 on Monday. This is the lowest price of the world’s largest cryptocurrency in 18 months. Investors all over the world are withdrawing money in risky assets. This has also had an effect on Bitcoin on Monday.

On Monday, the price of bitcoin fell nearly 10 percent to $22,600. Earlier in December 2020, bitcoin was at this level. On the other hand, there has also been a big fall in the stock market. On Friday, due to the increase in interest rates in the US, there was a big fall in the stock markets there.

“The relationship between equity markets and bitcoin is getting stronger,” said AvaTrade analyst Naeem Aslam. The price of bitcoin reached a record high in November 2021. It has fallen 65% since then.

In the last 8 months, the decline in cryptocurrencies has sunk 2 trillion dollars of investors. The market capitalization of cryptocurrencies has fallen to $1.02 trillion after Monday’s fall. The prices of almost all major cryptos have fallen to half their record highs.

Experts say that fear of rising inflation in the US led to a big sell-off in cryptocurrencies. Like stocks, investors are considering crypto as a risky asset. That’s why they are selling it.

The price of Ethereum has also declined. It has come down to the lowest level in the last 14 months. Its price is running at $1165. The price of Solana has dropped by about 30 percent. It is around $26. Experts say that if the sentiment does not change, then the decline in crypto may continue.

Must Read: Top 4 Altcoins for Long Term Crypto Portfolios

The government is making comprehensive rules for the regulation of cryptocurrencies in India. The government is discussing this with all the parties related to crypto. On the other hand, RBI Governor Shaktikanta Das has said that the central bank has informed the central government of its concern regarding crypto.

“Cryptocurrencies pose a major threat to the stability of the financial system. The central bank is awaiting the government’s consultation paper in this regard,” Das said at an event in Mumbai recently. RBI has warned people many times about the risks associated with investing in crypto.

Monesh Kumar
Monesh Kumar
Monesh Kumar is a cryptocurrency and blockchain enthusiast. He trades cryptocurrencies and holds some but he prefers holding Bitcoin, Ethereum & Cardano.

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