Bitcoin Price Crash: Along with the stock market, there is also a decline in the cryptocurrency market. Bitcoin has slipped below $20,000. Bitcoin has fallen below $20,000 after the head of the US Federal Reserve, Jerome Powell, made a statement about a huge increase in interest rates.
why bitcoin fell
After the rise in inflation rate data in America, the US Federal Reserve is expected to make interest rates expensive. This is the reason why there has been a big decline in cryptocurrency from stock markets around the world. Many experts are predicting a fall for the cryptocurrency to the level of $10,000. In November 2021, bitcoin touched the level of $68,000. 72 percent of the price has fallen from these levels. So only in 2022, bitcoin has fallen by 59 percent.
After Bitcoin, Avlanche has also seen a decline of 10 percent, while Polygon is down 5 percent. XRP and Cardano are trading with a decline of 4 percent. The market cap of global cryptocurrencies is trading down 2 per cent. It is trading at $951 billion, down from one trillion dollars.
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