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Cryptocurrency Update: Huge fall in cryptocurrencies

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Cryptocurrency Update: Last year 2021 saw huge investments in cryptocurrencies. Many experts assumed that there will be a great investment in cryptocurrencies in 2022, but for several days there has been a continuous decline in cryptocurrency prices, due to which its market capitalization has decreased by Rs 75 lakh crore.

There was a boom in November

The price of cryptocurrencies had a huge jump in November last year.
The price of bitcoin, the most popular cryptocurrency, reached $67,803. Its price had doubled in the last 6 months.
The total market capitalization of this sector reached $1 trillion for the first time in November.
Now it’s down to $9 trillion.


Bitcoin price continues to fall

The price of bitcoin fell more than 12% on Friday. It fell below its lowest level since July at $36,000 (Rs 27 lakh).
Its price is down more than 45% since November’s record rally.
Bitcoin’s market capitalization has fallen by more than $600 billion due to its decline since November. It is now down to $738 billion.
The rest of the currency also suffered badly.
Bitcoin saw a sharp drop in a week. The drop widened to around 15% on Wednesday, from an average of around 6% over the past seven days.


The Federal Reserve’s decision

  1. The intention to withdraw the relief program granted to the market by the Federal Reserve, the Central Bank of America, has hurt this cryptocurrency all over the world.
  2. Many experts agree that crypto has rocked and changed almost the same as stocks.
  3. The Federal Reserve’s intention rocked both cryptocurrencies and stocks.

Most Cryptocurrencies have deteriorated

  1. The prices of most cryptocurrencies fell more than 10% on Friday.
  2. Ethereum is down 14%, Phantom 15%, Chainlink 13%.
  3. Dodgecoin is down 79%, Cardano 61%, Shiba Inu 72%, Uniswap 69%, Solana 52% and Ethereum 42% down from November.

    Read also: Corona to chaos in Karnataka!

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