Cryptocurrency market plummets, Bitcoin once approached the $18,000 mark – Hong Kong unwire.hk

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Recently, the cryptocurrency market is experiencing a sharp plunge that is rare in recent years. Bitcoin has fallen by 35% in the last week, and it has also fallen sharply along with other smaller cryptocurrencies.

Bitcoin price fell as low as $18,085.06 today, and after falling below the $20,000 mark, it is further approaching the $18,000 mark. The total global market capitalization of cryptocurrencies fell below $850 billion as the prices of Bitcoin and other major cryptocurrencies plummeted. Ethereum was not immune, falling by about half in a month.

According to the analysis, investors are not optimistic about macroeconomic conditions, and the US Federal Reserve is increasingly trying to curb inflation. In addition to the stock market, the cryptocurrency market has been hit harder. Coupled with the explosion of the “stable currency” LUNA earlier, investors have doubts about the stability of the cryptocurrency, resulting in a snowball effect that makes the decline even greater.

Source: TechCrunch

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