The worldʼs largest cryptocurrency Bitcoin has fallen in price by 50% — compared to the peak in November last year. The fall in the value of digital assets is due to the fact that in recent days, stock markets around the world have fallen.
This was reported by BBC with reference to Coinbase.
Bitcoin accounts for about a third of the cryptocurrency market with a total value of about $ 640 billion. Now the coin costs $ 33,087 — in November the peak price was fixed at $ 69,000. Ethereum, the worldʼs second-largest cryptocurrency, has also fallen more than 10 percent in the past week and now stands at $ 2,422.
Last week, central banks around the world, including the United States, Britain, and Australia, raised interest rates in a bid to cope with rising prices. This has raised some fears among some investors that inflation and higher borrowing costs could seriously affect global economic growth. Investors are also concerned about the impact of the war in Ukraine on the world economy.