Bitcoin declines to lowest level since December’s crash

Bitcoin has tumbled to its lowest level since its collapse in December as rising expectations of higher borrowing rates weigh on some of the best-performing assets over the past few years, Bloomberg reports.

The largest cryptocurrency by market capitalization is down 6% to $43,451. That pushed the price to its lowest level since it touched $42,296 over the weekend at the beginning of last month. Bitcoin is up nearly 500% since the end of 2019 following the stimulus measures put in place during the COVID-19 pandemic, with the price hitting its lowest level since touching $42,296 during the weekend crash early last month. Bitcoin is up nearly 500% since the end of 2019 following the stimulus measures put in place during the Covid-19 pandemic.

The Bloomberg Galaxy Crypto Index, which includes Ethereum, Litecoin, Bitcoin Cash and EOS, is down about 5%. The tokens of popular DeFi apps including Uniswap and Aave have been rejected.

The recent volatility in cryptocurrency comes amid a volatile period for the financial markets. Rising inflation is forcing central banks to tighten monetary policy, threatening to reduce the liquidity tailwind that has lifted a wide range of assets.

US stocks deepened their losses minutes after the Federal Reserve signaled the opportunity to raise interest rates earlier and faster. The S&P 500 fell 1.9%, led by real estate stocks, while the tech-heavy Nasdaq 100 fell 3.1%.

Other sectors of the crypto world are under pressure as well. Bitcoin mining stocks took a hit as analysts reconsidered their prospects after a record year.

Bitcoin surged to a record high of nearly $69,000 in early November after US regulators allowed bitcoin futures-based exchange-traded funds.

participation in Mint newsletters

* Enter an available email

* Thank you for subscribing to our newsletter.

Don’t miss any story! Stay connected and informed with Mint. Download our app now!!

.