Bitcoin price plummets

Although often recognized as the most valued cryptocurrency in the world, the price of Bitcoin has almost plummeted and is already worth less than many new vehicles.

The asset traded at $20,000 per unit for the first time since November 2020, more than 70% lower than an all-time high of $68,000 per coin in November 2021. According to CNN, this comes on top of a series of sustained losses in recent months.

Bitcoin has lost $900 billion in value since that peak, CNN reported.

The massive cryptocurrency crash is part of a larger market downturn triggered by elevated inflation, rising interest rates, the war in Ukraine, COVID-19 pandemic lockdowns, and supply chain chaos. supply.

Nonetheless, roughly half of all Bitcoin wallets are still in profit, according to a Columbia Business School analysis cited by The New York Times.

It is not unusual for crypto bear markets to be down 85% to 90%. In the last decade, two prolonged crypto downturns caused Bitcoin to lose more than 80% of its value, although it has recovered.

For example, from 2017 to 2018 Bitcoin plummeted 83%, from $19,423 to $3,217. But, as of November 2021, it was valued at $68,000.

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