Bitcoin has fallen to its lowest crypto market value since January 2022 – on a day which has seen big declines in leading digital tokens
After gains and record highs in 2021, cryptocurrencies are enduring a turbulent time with unpredictable price changes.
Bitcoin is now worth half the value it was just six months ago when it reached a market high of £51,000 per coin on 10 November 202, while Terra (LUNA) has collapsed after a major drop of 96%.
Bitcoin (BTC) -9.27% (£23,143.65)
Ethereum (ETH) -18.93% (£1,585.24)
Tether (USDT) +0.00% (£0.81)
BNB (BNB) -9.94% (£222.66)
XRP (XRP) -22.43% (£0.31)
Binance USD (BUSD) +2.28% (£0.83)
Cardano (ADA) -25.14% (£0.38)
Solana (SOL) -27.71% (£35.84)
Dogecoin (DOGE) -23.14% (£0.0631)
Polkadot (DOT) -23.13% (£6.68)
Wrapped Bitcoin (WBTC) -9.67% (£23,011.76)
Avalanche (AVAX) -24.52% (£22.97)
SHIBA INU (SHIB) -25.00% (£0.00000870)
Terra (LUNA) -96.90% (£0.0430)
The recent decline is being attributed to a loss of confidence in the crypto market amid economic pressures around the world brought on by Russia’s invasion of Ukraine and post Covid lockdowns.
It follows recent crashes brought on by Tesla making a u-turn on accepting Bitcoin as payment for its products and China clamping down on initial coin offerings, block exchanges and warned against speculative trading.
A further blow was dealt when China ordered Bitcoin mining in its Sichuan province to shut down completely and furthermore told banks to stop supporting crypto transactions, in a latest wave of restrictions on cryptos.
Now the country’s central bank, People’s Bank of China, has effectively banned digital coins after announcing that all transactions of cryptocurrencies are illegal.
The decision has already had an impact on the global crypto market.
