Bitcoin falls another 8% as cryptocurrencies extend steep losses
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Alec Monopoly painted a Bitcoin onto a wall mural during the North American Bitcoin Conference, held at James L Knight Center in Miami on January 18, 2022.
Joe Raedle – Getty Images| Getty Images
On Saturday, cryptocurrencies lost nearly 50% of their value after hitting November’s peak.
BitcoinThe world’s top-selling cryptocurrency in terms of market value was dubbed. It fell around 8% Saturday and traded just above $35,000 It reached an all-time high of $69,000 on November.
Meantime, etherThe second largest cryptocurrency in terms of market capital, XRP, fell nearly 10% and traded around $2,400.
Following a successful IPO, the losses occurred. Thursday dipThe stock market. This month has seen traditional and cryptocurrencies fall in parallel. Investors worry about what the Federal Reserve’s interest-rate hikes will do to the stock market.
Bitcoin is a common way to invest in bitcoin. It can be used as a hedge against the rising cost of inflation caused by government stimulus. analysts are saying the risk is that a more hawkish Fed may take the wind out of the crypto market’s sails.
Also, there is concern that U.S. regulators might crack down even more on digital currency.
Russia’s central banks proposed that cryptocurrency mining and use be prohibited earlier this week. Officials argued it posed threats to financial stability, citizens’ wellbeing and its monetary policy sovereignty. The U.S. authorities were also involved. clamping down on certain aspects of the market.
—CNBC’s Weizhen Tan contributed to this report.
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