With numerous economies looking to keep a check on the growing popularity of cryptocurrency, Bitcoin seems to have lost almost half of its value since its record high in November last year.
The value is continuing to plunge. Not just Bitcoin, other cryptocurrencies have also had a hard time in this year till now.
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In the last 24 hours, Bitcoin has fallen over 8%. It was trading at $35,479 as of 9:30 am ET, as per CoinDesk.
Since the beginning of 2022, the world’s most valuable cryptocurrency has fallen over 20%. In November 2021, it was trading at a record $68,990.
The other cryptocurrencies have done worse. Ethereum, which is the world’s second most valuable cryptocurrency, has plummeted over 12% in the last 24 hours.
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It was trading at around $2,400 as of Saturday morning, as per CoinDesk. It is an almost 30% fall since start of 2020.
Numerous investors are getting worried over the continuous fall and the clampdown on these digital currencies.
Russian central bank has proposed a ban on cryptocurrency use and mining on the territory of the country. The bank has cited threats posed by cryptocurrency to financial stability, citizens’ wellbeing and its monetary policy sovereignty.
(With inputs from agencies)
