June 3, 2023

Dubai Week

Complete Dubai News World

Catastrophic decline .. What is happening in the Bitcoin market, what does it mean?

Catastrophic decline .. What is happening in the Bitcoin market, what does it mean?

Bitcoin has lost more than 72 percent of its value since it peaked on November 10, 2021 ($ 68,991).

All major cryptocurrencies fell sharply on Saturday. Ether, the second most widely used digital currency, has lost about 10 percent of its value.

Shares fell this week due to fears of Central BanksLed by the US Federal Reserve, its willingness to control inflation does not appear to be rigid, threatening to weaken. International Economy.

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

A brief freeze contributed to the withdrawal Bitcoin Investment in cryptocurrencies has declined this week, from Binance, the world’s largest platform.

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

Brian Armstrong, co-founder and general manager of Coinbase, justified the large-scale exits associated with “we are entering a recession after more than 10 years of economic boom.”

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.

Edward Moya, a senior U.S. market analyst at Onda, said Saturday: “Breaking the $ 20,000 barrier shows a decline in confidence in the cryptocurrency industry. This is what we have seen recently. There are many cryptocurrencies and exchanges.

See also  Opera announces new browser for cryptocurrency traders