Image source: Coin Gape
Since the crypto crash earlier this May, many cryptocurrencies have suffered significant losses in value, especially Bitcoin.
Bitcoin recently fell below $19,000 for the first time since July 4 of this year.
Bitcoin
As of this writing, Bitcoin is trading at $18,745.70.
The last time the major cryptocurrency hit similar lows was on Independence Day in the United States, when it traded for $18,600.
Previously, Bitcoin traded for $18,900 in November 2020 before hitting an all-time high of over $60,000 in 2021. As a result, investors abandoned the crypto asset for various reasons.
Bitcoin’s sell-off correlated with the US stock market, and stocks fell after a volatile trading session stemming from fears that the Federal Reserve could raise interest rates further.
Additionally, the Fed’s policy of raising interest rates to combat four decades of high inflation has prompted investors to sell off risky assets, such as stocks and cryptocurrencies.
Sell-off
Bitcoin selling intensified as news that Russia had shut down the Nord Stream 1 pipeline, cutting off gas to Europe, spooked markets, experts say.
On Monday, the Russian government said it would restore gas supplies if sanctions were lifted. Despite the disturbing news, Bitcoin fans remain unmoved.
Other cryptocurrencies
Among the top ten cryptocurrencies, Bitcoin suffered the heaviest drop, falling 5.16% in 24 hours.
Meanwhile, Ethereum, the second largest cryptocurrency, fell 7.89% and was selling for $1,534.49.
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