Cryptocurrency tumble continues, Bitcoin falls to its lowest since September

Cryptocurrency is a topic that has been controversial for quite some time. Cryptocurrencies are eager to enter new markets and expand their reach, but given that they are used for activities such as money laundering, banks and financial institutions are becoming cryptocurrencies. I’m skeptical. Games here and there have fluidized crypto prices – sometimes they go up, sometimes they go down – unfortunately the latter. Bitcoin has fallen below $ 42,000 to a level not seen since September amid concerns over tightening regulations by the US Federal Reserve.

Major cryptocurrencies fell to $ 41,012 during Friday’s Asian session, reaching the lowest level since September 29 and dropping to 12% weekly, CoinDesk Data show..

This development will also occur after the December meeting of the Federal Reserve Board discovered that the economy was “much stronger and more inflationary” than its previous recovery.

Bitcoin is the largest and most popular cryptocurrency ever. This is surprising given that it rose nearly 60% last year, significantly ahead of other asset classes. It also reached new heights, primarily through the actions of individuals such as Elon Musk and Jack Dorsey. also, Accepted As legal tender by El Salvador last June. Since the end of 2019, Bitcoin has risen by about 500%.

But this week, prices have fallen by 4.9% to $ 41,008.

This also means that Bitcoin has fallen about 40% from its November 2021 price. This is close to a record $ 69,000 in itself. Bitcoin’s hash rate also dropped yesterday from the record of about 208 million on January 1st to 176 million terahashes.

Other cryptocurrencies didn’t work anymore. Ether, the second largest cryptocurrency, recorded a drop of about 8.3% to its lowest level since September.

Cryptocurrencies have become difficult these days as they struggle to reclaim lost land. Financial markets have not reached their peak, and rising inflation (which continues) is another factor for banks to tighten monetary policy. In fact, Turkey’s inflation rate reached 36% in December 2021, the highest in the last 19 years. In Germany, December’s annual inflation rate grew at the fastest pace in nearly 30 years.

In addition to it, India When China It has been adopted as a cryptocurrency, and you can see why the cryptocurrency has been sluggish recently.