Crypto crash: What is happening to Bitcoin and is it good news for you?
India Today
Bitcoin - the world's largest digital coin - saw its price tanking by over 10 per cent to $24,548 - the lowest in 18 months. Other cryptocurrencies seem battered, too. But is this good news for you?
Cryptocurrency markets plummeted to an all-time low earlier today, throwing Bitcoin, Ethereum, and other coins into a bigger selloff. The market cap has already shrunk to $1.02 trillion from $1.10 trillion in about one day, while it has lost a cap of about $1 trillion so far this year. Now, this is both an opportune time and a distressing period depending on whether you are thinking of investing or are already a holder.
Amid the struggle, Bitcoin - the world's largest digital coin - saw its price tanking by over 10 per cent to $24,548 - the lowest in 18 months. Ethereum, on the other hand, saw a dip of nearly 8 per cent to $1,340 in value currently, representing the lowest mark in 15 months. Other coins such as Shiba Inu and Dogecoin also suffered. The current trend is indicative of more negative fluctuations in the crypto market, but why has the market suddenly crashed?
According to experts, investors have become extremely wary of risky assets and that is causing them to lose their appetite to throw more money into the market. Cryptocurrencies are volatile, so investment in the market needs due diligence, but what is pushing that downturn further is inflation in the US, which hit a 40-year high this year. The crypto market is also under pressure from the Federal Reserve, which recently hiked interest rates to put a leash on inflation.
These factors, among many others, have caused investors to be very cautious and - dare I say - spooked. The result? They are turning their investment into liquid as much as they can, propelling the market further into the deep. According to Bloomberg, the hike in interest triggered a selloff in risk assets and cryptocurrency, being a significant part of that, suffered massively.
As I said, this time is both opportune and unfavourable. The dip in crypto prices will allow investors to buy digital coins at 2021 prices, contrary to those who are wary of losing money and are withdrawing their investment. So, even though the crypto market is crashing right now, it is not all bad. However, experts believe that the coming weeks will be crucial for the momentum in the crypto market.
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