![]() ![]() Unlike traditional investments such as company shares, where price movements may well be influenced by the performance of the business, bitcoin has no underlying asset. This has triggered panic and further sell-offs which has knocked consumer confidence.īut bitcoin has recovered some of the ground it lost last year and is now worth around $30,000. In addition to this, there have been sudden and severe sell-offs of major cryptocurrencies. The move fuelled a slump across the cryptocurrency market.Ĭhina’s continued crackdown on crypto is playing a part too. ![]() This was prompted by the decision of Celsius Network, a major US cryptocurrency lending company, to freeze withdrawals and transfers, citing “extreme” conditions. In June 2022 bitcoin dropped below $20,000 for the first time since 2020. Its collapse is having a knock-on effect on other crypto exchanges. The slump in November 2022 was triggered by the collapse of FTX, which handled around $1 billion transactions each day. This has spilled over into the cryptocurrency market.
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