Bitcoin price has fallen below $30,000 since July 2021, which has investors worried.
Bitcoin’s collapse is worrying investors
The value of Bitcoin has plummeted over the past few weeks, a few hours ago the BTC price dropped to $29,735/BTC. This is the first time BTC has fallen below $30,000 since July 2021. The price is now up to $31,000, down 7% from yesterday. Bitcoin price is currently more than 55% below its November 2021 peak. The devaluation comes amid a multi-day global sell-off in stocks and cryptocurrencies. Countries are tightening their currencies to limit inflation, making it harder to sell.
On Wall Street, which ended the session on May 9, the DJIA fell nearly 2%. The S&P 500 lost 3.2% and the Nasdaq Composite fell about 4.3%. Markets in Japan, Korea, China and Hong Kong were also down this morning. According to economists, Bitcoin price will fall sharply in the near future.
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Source: INN NEW YORK CITY