Record drop in cryptocurrencies to their lowest level in 16 months
Cryptocurrencies extended their losses (yesterday) Thursday and fell to their lowest levels in 16 months, as the scramble for investors to get rid of so-called fixed currencies led to a wave of turmoil.
Bitcoin and its smaller rival Ether, which has lost more than half of its market value this year, took the latest blow as a result of this week’s crash in TerraU. S. It is also one of the largest cryptocurrencies in the world. Bitcoin fell to a low of $2,5401.05, the lowest since December 28, 2020.
During the past eight sessions, “Bitcoin” lost a third of its value, or the equivalent of $13,000… and its value has fallen by 45 percent since the beginning of this year.
It peaked at $69,000 in November 2021, which means it has lost two-thirds of its value since then.
Fixed currencies are digital currencies that are tied to the value of a traditional asset such as the US dollar. It is popular in times of turmoil in the cryptocurrency markets and traders often use it to move funds and speculate on other cryptocurrencies.
And “Ether”, the second largest cryptocurrency in the world, fell about 15 percent yesterday, Thursday, to $ 1,700, its lowest level since June 2021.