May 14, 2022
1 min read

Bitcoin value dropped below $34,000


Ethereum, the second biggest cryptocurrency in the world, has also fallen in value, down by more than 10 per cent in the last week…reports Asian Lite News

The value of Bitcoin continued to fall over the weekend as it dropped below $34,000, according to the Coinbase cryptocurrency exchange, BBC reported.

The world’s largest cryptocurrency by market value has now fallen by 50 per cent 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 per cent.

Bitcoin accounts for about a third of the cryptocurrency market with a total value of $650bn, BBC reported.

Ethereum, the second biggest cryptocurrency in the world, has also fallen in value, down by more than 10 per cent in the last week.

Although much of 2022 had been relatively quiet for the cryptocurrency market, volatile trading in digital assets has not been that unusual in previous years.

Trading was dominated for years by individual investors, but more recently the market has seen an influx of professional investors, such as hedge funds and money managers.

With more traditional investors trading digital assets, cryptocurrencies have increasingly followed the movements of global stock markets.

Many of the institutional investors that buy cryptocurrencies treat them as risk assets, similar to technology stocks.

In times of market uncertainty traditional investors will often sell what they see as riskier assets and move their money into safer investments.

Last week, central banks around the world, including the US, the UK and Australia, raised interest rates as they attempted 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.

ALSO READ-India’s retail inflation reaches 7.79% in April

Previous Story

‘Avatar: The Way Of Water’ teaser trailer released 

Next Story

Minors banned from live streaming on social media in China

Latest from Business

Accel Puts India’s AI Power in the Spotlight

Under the theme “Engineering India’s AI Advantage,” the exclusive, invite-only event will bring together leading AI founders, researchers, tech CXOs, policymakers, and global investors….reports Asian Lite News Global venture capital firm Accel

SEBI Warns on Strata Exit

Strata was one of the first platforms to register under SEBI’s newly introduced SM REIT framework, which was designed to regulate fractional ownership in real estate and allow investors to pool capital
Go toTop

Don't Miss

Islamic Coin Partners with Republic Crypto

Islamic Coin plans to conduct a Reg D public token

Bitcoin logs over 700K transactions in single day

Bitcoin trading volume sank by almost $700 billion, historically seen