June 3, 2023

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Bitcoin deepens cryptocurrency losses and heads toward $ 18,000

Bitcoin deepens cryptocurrency losses and heads toward $ 18,000

Bitcoin prices continued to fall as investors avoided Sunday morning Dangerous assets In light of global market tensions, GMT hit $ 18,468 at 4:30 a.m., down 9.9% from its value on Saturday, near its lowest level since December 13, 2020.

Since reaching its peak on November 10, 2021 ($ 68,991), Bitcoin has lost more than 72% of its value.

All major cryptocurrencies fell sharply on Sunday morning. Ether, the second most widely used cryptocurrency, has lost about 11% of its value.

Shares fell this week on fears that central banks, led by the US Federal Reserve, will not find it difficult to control inflation, threatening to weaken the world economy.

The cryptocurrency market plunged below $ 1 trillion on Monday, after reaching $ 3,000 billion in November, when the cryptocurrency market was above $ 3 trillion seven months ago.

In addition, the decline of Bitcoin accelerated after Celsius and Babel Finance stopped withdrawing.

The first company worth $ 12 billion recommended to its users to use “historic” cryptocurrencies such as Bitcoin and Ether to invest in new cryptocurrencies.

Second, it told its customers on Friday that it was suspending all withdrawals due to “extraordinary pressures on cash flow.”

A brief freeze on Bitcoin withdrawals from the world’s largest site, Binance, a few days ago, contributed to a decline in investment in cryptocurrencies.

Coinbase, for its part, announced on Tuesday that it would cut 18% or about 1,100 of its jobs.

Brian Armstrong, co-founder and general manager of Coinbase, justified the large-scale exits associated with “we are entering a recession after more than a decade of economic boom.”

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By 2021, this still new sector has attracted emerging traditional finance investors, whose hunger for risk has been opened up by the extreme relaxation policies of central banks around the world.