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Tuesday, June 25, 2024

Bitcoin experienced its biggest drop since June 2022

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Last Tuesday, Bitcoin (BTC) lost more than 10% in value – this is the strongest drop since mid-June, according to Bloomberg. Sales in the stock markets did not bypass digital currencies. On the night of Wednesday, September 14, the BTC rate fell to $20,344. The capitalization of bitcoin over the past 24 hours has decreased to $389.597 billion.

Ethereum ( ETH ) dropped 9% to $1,571 during the US session but managed to bounce back to $1,612 overnight. Other altcoins were also forced to retreat the day before due to pressure from the bears.

On the other hand, investment in stablecoins has sharply increased. Analysts recorded an increase in the trading volume of Tether (USDT), Binance USD (BUSD) and USD Coin (USDC).

Almost all stocks of the US technology sector suffered big losses. Data on the increase in inflation has become the main trigger for volatility in the market for risky assets, said Teong Hong, executive director of Satori Research.

Since the beginning of 2022, the price of bitcoin has fallen by about 56%, and many experts believe that we have already entered the “crypto winter” phase, which will last at least one year.

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Disclaimer

Crypto investments come with high risk and you should always exercise caution when investing in any crypto asset. Investing in crypto carries a high level of risk, and may not be suitable for all investors. Any investment decisions made by you are made at your own risk and we are not responsible for any losses that may occur. Before investing, we recommend you consult a financial advisor to understand the risks and rewards associated with investing in crypto.

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