- Date : 07/07/2022
- Read: 3 mins
There has been a continuous downfall in cryptocurrencies all over the world. Like others, Bitcoin is one of the most significant decentralized currencies, also facing a decline of up to $20,000.
Bitcoin is the world's largest and most decentralized digital currency with a strong position in the crypto market. These currencies are transferable from peer to peer on the particular network of Bitcoin. All these transactions are safe and verified through cryptography by the nodes of networks. The invention of Bitcoin was by an unknown person named Satoshi Nakamoto. It can be either a single person or a group behind this invention. The mystery remains unsolved today. Its use started in 2009. Now, it ranks 1st in the list of the largest cryptocurrencies in the world.
A decline in the Value of Bitcoin
Recently, the value of Bitcoin fell below $20,000, i.e. around 15,85,885.00 INR. Bitcoin, the world's largest cryptocurrency, was trading at a shallow rate. As per CoinMetrics, it was trading at $20,359.2, i.e. just 1%. The value of Bitcoin even fell below 19 dollars recently too. As per the data of CoinDesk, the last time Bitcoin was at such a level was in November 2020. After reaching its peak, this world's largest cryptocurrency has lost approximately 70% of its value. However, there has also been a downfall in all other cryptocurrencies, such as Ethereum.
In such circumstances, Bitcoin might not able to make any significant move to overcome the losses. Bitcoin is supposed to be down by 53% in recent years. On the other hand, Ethereum has a downfall of 73%. Vijay Ayyar said that the value of Bitcoin shall remain between $17,000 to $22,000 for some time. Therefore, Bitcoin has to deal with this value only. According to Fracassi, the cryptocurrency market is facing significant fluctuations. One of the chief reasons for the fall in the value of cryptocurrency is the continuous rise in the rate of interest. Moreover, many investors are selling off their assets due to losing faith in the market.
Moreover, the cryptocurrency sector has faced significant losses. This is because many companies like Gemini, Coinbase etc., removed thousands of their workers. As per the announcement of Coinbase, it shall remove 18% of its total employees in the upcoming period.
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Almost all cryptocurrencies are facing a downfall. Similarly, Bitcoin, the world's largest cryptocurrency, has recently faced a fall below $20,000. The value of it even went down to 19,000 dollars. This continuous fluctuation and decline in the crypto market have also reduced investors' faith. They are trying to sell off their assets from the market. Many companies had to remove a significant percentage of their employees to keep up with the market condition. Due to such low value of the Bitcoin currency, the company can not make any substantial move to overcome the situation.
This article is meant for general financial purposes only. You must not take it as any form of legal or taxation or investment or insurance advice. You must seek separate independent advice when indulging in financial decision-making.