Both the stock market and the crypto market continue to fall in the wake of the volatile economic situation around the world. The value of Bitcoin, the most valuable cryptocurrency, has been on the decline for 12 consecutive days.
The value of the coin has fallen 34 per cent in the past week. For the first time since December 2020 it has reached below $ 20,000. The cryptocurrency has fallen more than 9 percent in the last 24 hours to $ 19,028.
Cryptocurrencies, which peaked in 2021, have now plummeted. Bitcoin, which touched a lifetime high of $ 69,000, is currently down more than 71 percent. According to the CoinGecko website, the cryptocurrency market capitalization, which stood at $ 3 trillion in November last year, has now shrunk to $ 900 billion.Crypto currency
Fears of inflation have swept across the globe. The rate of price rise in America has reached a 40-year high.The Fed raised interest rates by 0.75% on Wednesday. It signaled that there would be further rate hikes if inflation did not come under control.
Expectations have risen that central banks in more countries will also raise interest rates. Concerns have been raised that this could lead to a recession. Against this backdrop, crypto markets, including stock markets internationally, have been moving under intense pressure over the past few days.