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Thursday, August 11, 2022

Bitcoin Price Has Gone Down By 50%

Bitcoin seems to have lost almost half of its value since its high in November, with the price of the cryptocurrency plunging. This has led to major economies looking to curb the growing popularity of cryptocurrencies. And incidentally, it isn’t just BTC, as most cryptocurrencies, in general, have had quite a dismal start to 2022.

The largest cryptocurrency in the world has gone down by 8% in just the last 24 hours and was trading at a sum of $35,479- according to CoinDesk. The most valuable cryptocurrency has seemingly plummeted over 20% since the beginning of 2022. In November, it had been trading at an all-time high of $68,990.

Bitcoin Price Has Been Plummeting 

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Bitcoin’s peers have certainly received the shorter end of the stick. Ethereum, the second most valuable cryptocurrency in the world, has gone down by around 12% in the last 24 hours and was trading at a sum of $2,400 as of mid-morning Saturday, as reported by CoinDesk. This is definitely a drop of 30% since the new year started. Investors have been definitely getting quite jittery about digital currencies and other riskier assets ever since the US Federal Reserve signaled that it might unwind economic stimulus more aggressively than was expected. 

Governments have also been cracking down. On Thursday, Reuters went on to report that the central bank in Russia had proposed a ban on the use of cryptos like Bitcoin and the mining of the same. As we know, Russia is one of the largest crypto-mining nations in the world, but the central bank has stated that digital currencies definitely pose quite a threat to the financial stability of the country. 

However, not every financial institution is thinking in such a pessimistic manner. Goldman Sachs has already stated that the price of Bitcoin could definitely reach more than $100,000 within the next five years. In a report that was published earlier this month, the analysts at the bank stated that they had seen strong gains ahead because BTC would definitely steal the share of the market from gold.

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