Bitcoin drops below $30,000 for the first time in almost a year

This Monday, May 9, Bitcoin hit its lowest level since July 2021, falling below the $30,000 mark. The war in Ukraine, the record inflation that lasts or the new measures of the American central bank have damaged the cryptocurrency market. Indeed, Bitcoin is not the only one to see its value sink into the abyss.

Credits: Unsplash

Nothing seems to be able to stop the vertiginous fall of Bitcoin. The currency, which previously peaked at $69,000, has seen its value drop steadily for several weeks. This Monday, May 9, the latter has taken a new step in its descent into hell. To date, Bitcoin is indeed worth less than $30,000. This is its lowest level since July 2021, when the currency was then experiencing a surge.

The fall is all the more painful as a few hours earlier Bitcoin was still valued at $34,000, proof of the extreme volatility of the currency. In fact, Bitcoin has therefore lost more than half of its value in the space of a few months. As a reminder, over the past weekend, Bitcoin and Ether both lost 20% of their value.

Bitcoin hits lowest level since July 2021

Indeed, it is the entire cryptocurrency market that is impacted by the stormy situation in which the world economy finds itself. As prices rise across the globe, investor interest in digital currencies is getting much stronger than at the start of the year. Even stablecoins, tokens pegged to traditional currencies, are no longer popular.

Related: NFT Market Crashes on Bitcoin But It’s Temporary

The TerraUSD, the most popular stablecoin today, for example, lost more than 30% of its value in one day, reaching 69 cents. The next day it was back up to 81 cents. This development is particularly worrying since stablecoins exist precisely to offer a cryptocurrency that is less volatile than others.

Source : CNET

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