Bitcoin digital currency worth less than $20,000

Bitcoin digital currency worth less than $20,000

Status: 06/18/2022 12:59 p.m

The descent continues: Bitcoin has broken through the psychologically important $20,000 mark. Although digital currencies traditionally fluctuate strongly, are investors now threatened with a new “crypto winter”?

The digital currency Bitcoin has fallen well below the $20,000 mark – in the early afternoon it was around $19,360. This continued the cryptocurrency’s downtrend.

Ten days ago, Bitcoin was still around $30,000, on January 1 it was around $47,700. Almost 60 percent of the value was lost in the past six months. Last November, Bitcoin even hit the record level of $69,000.

Nothing for weak nerves

Financial experts blame inflation concerns and rising interest rates for the downward trend. Some investors are apparently currently shying away from risky investments and are withdrawing from the cryptocurrency sector.

Bitcoin and other digital currencies are traditionally subject to strong fluctuations. In recent years there have already been several so-called “crypto winters”, such as 2014 and 2018, in which prices plummeted before things later rose again. This time, however, the economic environment is even more difficult than it was then.

Loss of confidence from Celsius

At the same time, two prominent crypto projects got into trouble, which accelerated the descent. First the digital currency project Terra-Luna collapsed, then Celsius – a kind of bank for transactions with cryptocurrencies – had to stop withdrawals.

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