Bitcoin certainly fell to more than 50 per cent below its all-time high. Crypto plunges again and again, it seems.
The valuable Bitcoin cryptocurrency was down 10 per cent Monday after decreasing again over the weekend. Bitcoin prices have now plummeted nearly 20 per cent in the past week. At a price of about US$31K, bitcoin is more than 50 per cent below its record high of near US$69K from late last year and at its lowest point since July 2021.
Other cryptocurrencies, sometimes referred to as altcoins, also decreased a lot. Ethereum, binance, solana and cardano are all down about 15 per cent in the past week, while Elon Musk's so-called dogecoin fell 10 per cent.
Keep in mind, it seems that Bitcoin is not immune to the global inflation risk spreading across most other asset classes. The falling Bitcoin trend is likely to continue.
Bitcoin seems to be hit by the same problems that cause falling stocks.
Inflation fears, worries about big interest rate hikes from the Federal Reserve and fears of a possible economic slowdown certainly exist.
Some investors think that Bitcoin could fall as low as US$20K by the end of the year.
Broker Coinbase Stock price fell 17 per cent Monday and is down more than 65 per cent this year.
"Robinhood" (also used to trade cryptocurrencies) has fallen more than 45 per cent in 2022.
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