The biggest cryptocurrency bitcoin is trading at the level of $33,863. There has been a decline of about 22 percent in the last seven days.
Cryptocurrency News: There was a sell-off in bitcoin on Monday and it reached its lowest level in six months. Investors are moving away from risky bets, due to which the selloff in the cryptocurrency market is dominating. The largest cryptocurrency, bitcoin, which has been trading at a low of $33,863 since July 24, 2021, has lost nearly 22 percent in the past seven days. At the same time, there was a huge fall in altcoins too. Ethereum declined by more than 31 percent and Binance Coin by 28 percent. According to CoinMarketCap, as of the writing of the report, Cardano is down 35 percent, XRP is down about 29 percent and Solana the biggest 40 percent.
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This is the reason for the decline in the crypto market
Experts are of the opinion that the recent policy announcements of the US Federal Reserve have had an impact on the financial markets around the world and risky assets are being sold due to the anticipation of a macro-economic slowdown. In addition, Russia and China have also announced steps to rein in crypto in their domestic markets, leading to a major selloff in Asian markets.
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The market cap of bitcoin also fell to $64,200 million, which accounted for about 40 percent of the total crypto market cap of $15 trillion. Bitcoin is currently trending towards its all-time low of $29,807 as of July 20, 2021. In November last year, bitcoin achieved its all-time high of around $68,000. Elon Musk’s tweets about China’s sanctions, environmental concerns over bitcoin mining, and altcoins adoption have led to a decline in bitcoin.
(Article: Sandeep Soni)
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