Bitcoin and Ether in Free Fall

Bitcoin and Ether appear to be in a free fall touched. On Saturday, the Bitcoin price even reached $18,000, a level that analysts did not think possible a few weeks ago. The Ether dropped to $900.

Several analysts are reckoning that Bitcoin’s price could fall much further, even reaching $13,000, which is a drop of more than 80 percent from its all-time high in November 2021. That drop is similar to the crash of 2018.

The value of all cryptocurrencies is currently around $835 billion compared to $3 trillion at the peak of the market.

The cause of the collapsing market is still rising interest rates. This makes less risky investments, such as bonds, more interesting.

Also contributing to the nervousness is that all kinds of crypto companies have gotten into trouble. Due to the sharply declining value, crypto bank Celsius seems to be going bankrupt. Crypto hedge fund Three Arrows Capital has also found itself in dire straits. 3AC invests borrowed money in crypto companies, but is now said to have insufficient collateral.

Source: Nieuws – Emerce by

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