Bitcoin Plunges to Its Lowest Since 2020

On Monday, the cryptocurrency market again spiked down, as the price of Bitcoin plunged 18% to its lowest value since 2020 letting goes of all the investments.

Over the past 24 hours, it lost about $23,000, which is the lowest since December 2020. Whereas Ether is down about 20 percent as per CoinMarketCap, a price tracker of the industry.

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The crypto crash has become a long one for this time. Just a month ago, the fall of the Luna cryptocurrency and the stablecoin related to the Terra blockchain has drowned the crypto market with a loss of over $300 billion.

Now, last week it again started dropping the crypto prices during the inflation in the United States that impacted the markets. Investors also feared that it may lead the Federal Reserve to increase the interest rates higher and faster which may hit the U.S Economy.

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The jerk in the price accelerate over the weekend after Celsius, an experimental crypto bank announced that it would stop withdrawals because of the extreme market conditions.

At a time, Celsius held around $20 billion in assets which attracted the investors and ensured that they will gain profit as high as 18% if they entrusted their cryptos to the project.

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Anupama Das

An active reader and follower of news. A budding journalist tries to spread authentic news to people.

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