The fall of the cryptocurrency market has accelerated. The Bitcoin exchange rate has fallen to its lowest level since December 2020. According to CoinDesk, the cryptocurrency exchange rate fell to $25,400 during trading. By 11:10 Moscow time, it rebounded to $27,713. Bitcoin has fallen in price over the last seven sessions, the longest continuous decline since March 2020, according to Dow Jones data. This week, the price of bitcoin has fallen by 24%, and its fall from the peak level noted in November last year has already exceeded 50%. The next support level for bitcoin is $25,000, according to AvaTrade analyst Naeem Aslam. Cryptocurrencies are depreciating along with other risky assets, including stocks. In recent years, more traditional investors have entered the market, who are more likely to sell cryptocurrencies during periods of increased volatility than to hold them, experts say. Pressure on world markets is exerted by expectations of a rapid tightening of monetary policy by the Federal Reserve System (FRS) in the context of high inflation in the United States. Investors fear that the Fed’s aggressive rate hikes will dampen global economic growth, which is already being held back by COVID-19 restrictions in China and the Russian-Ukrainian conflict. The trigger for the collapse of the cryptocurrency market was the fall of the TerraUSD stablecoin below the $1 mark to which it was pegged. On Thursday, Coin Desk reported that another stablecoin, Tether (USDT), lost its peg to the dollar, dropping to $0.96. The rate of ether (Ether), the second most popular cryptocurrency, fell on Thursday to $1,825.27, the lowest since July 2021. By 11:10 Moscow time it was $1905.93. Source: FINMARKET.RU

Show CommentsClose Comments

Leave a comment