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
- 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.
- Many experts agree that crypto has rocked and changed almost the same as stocks.
- The Federal Reserve’s intention rocked both cryptocurrencies and stocks.
Most Cryptocurrencies have deteriorated
- The prices of most cryptocurrencies fell more than 10% on Friday.
- Ethereum is down 14%, Phantom 15%, Chainlink 13%.
- 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!