What is the news?
The cryptocurrency market has suffered huge losses due to the sharp selling in Bitcoin. In less than a week, about $500 billion worth of value was wiped out from the entire crypto market. CoinGecko According to the data, after January 29, there was a decline of about $ 467 billion (about Rs 43,000 billion) in the total market cap. The impact of Bitcoin’s weakness was clearly seen on other digital currencies as well.
Huge fluctuations in Bitcoin prices
Today (February 4) there was a slight recovery in Bitcoin and it increased to the level of around $ 76,600 (about Rs 68 lakh). Earlier on Tuesday it had fallen to the lowest level in 15 months. Bitcoin has fallen about 13 percent so far this year. It has fallen by almost 40 percent from its record high level made in October, which has further increased the concern of investors.
Global reasons are important behind the decline
According to experts, this decline of the crypto market has not happened due to just one reason. The increasing tension between America and Iran has turned investors towards safer investment options. Along with this, interest rates, currency market movements and decreasing liquidity have also increased the pressure. In the uncertain global environment, investors seem to be distancing themselves from risky instruments and increasing caution.
What will be the trend of the market going forward?
Market experts believe that there may remain fluctuations in the crypto market at present. However, long-term strong levels are said to be still intact and not completely broken. If stability is achieved at the recent lows, there may be a possibility of a gradual recovery. Currently, investors are keeping an eye on global cues and the market may take time to recover completely.
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