Thursday 22nd February 2024

Bitcoin value drops by 50% since November peak

Published on : 9 May, 2022 5:17 pm

Kathmandu: The value of Bitcoin continued to fall over the weekend as it dropped below $34,000 (£27,630), according to the Coinbase cryptocurrency exchange.

The world’s largest cryptocurrency by market value has now fallen by 50% since its peak in November last year. The slide in the value of digital assets comes as stock markets around the world also dropped in recent days.

On Monday, some Asian markets headed lower again with Japan’s benchmark Nikkei index down by around 2.5%. Bitcoin accounts for about a third of the cryptocurrency market with a total value of close to $640bn.

Last week, central banks around the world, including the US, UK and Australia, raised interest rates as they attempt to tackle rising prices. The US Federal Reserve raised its key lending rate by half a percentage point, marking its biggest rate hike in more than 20 years.

That has triggered more concerns among some investors that inflation and the higher cost of borrowing could have a major impact on global economic growth. Investors are also worried about the impact of the war in Ukraine on the world economy.

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