The digital currency bitcoin market has collapsed. For the first time since December 2020, the price of Bitcoin has fallen below $ 20,000. News Reuters.
Bitcoin has dropped the most in the last 18 months. According to media reports, the fall was mainly due to the downturn in the cryptocurrency market in the wake of monetary policy prospects.
According to Bloomberg, the price of Bitcoin, the most expensive in terms of market value, fell by more than 13.7% on Saturday afternoon. As a result, its price dropped to 17 thousand 593 dollars. As a result, the world’s most popular cryptocurrency has reached the lowest market price in the last 18 months. The overall market value has fallen below $ 1 trillion since January 2021.
Ethereum, the most popular cryptocurrency after Bitcoin, has also collapsed. The market price of this currency has come down by 74% this year and now it is around $ 1000.
According to analysts, the fall in cryptocurrency prices is consistent with the fall in stock market and other asset prices. This is because central banks in other parts of the world, such as the US Federal Reserve, have been tightening their monetary policy to combat inflation.
Some experts believe that there is no basic policy on cryptocurrency. Widespread instability compared to the stock market works here. This has created a bubble centered on cryptocurrency. Resulting in such a terrible fall.
Note that cryptocurrency is a type of virtual currency. Which is transacted through the internet. There are currently more than 8,000 such currencies worldwide, with Bitcoin being the most popular. Before the record fall, the value of Bitcoin exceeded 68,000 US dollars.