Bitcoin and other digital cryptocurrency hit new lows on Saturday, wiping off more than $1 trillion from the global crypto market’s worth.
Bitcoin was hovering at $35,000 per coin, and the world’s most valuable digital asset had dropped more than 40% of its value from its peak in November 2021.
In November, Bitcoin reached an all-time high of almost $69,000. The crypto meltdown occurred when the US Federal Reserve hinted at raising interest rates as soon as March and withdrew market assistance.
Further in a series of Tweets, Bloomberg Senate reporter Steven Dennis raised some questions regarding the loss and the future of cryptocurrency.
He also asked his Twitter followers that “does this qualify as a deflation or inflation?”
Ethereum, Finance Coin, and Cardano, among other digital currencies, have all seen similar meltdowns. Massive decreases were also seen in Solana, Dogecoin, and Shiba Inu.
Bitcoin has dropped below $36,000, a level where “there isn’t much support till the $30,000 level,” according to Edward Moya, senior market analyst at Oanda.
Bitcoin’s market worth has been wiped away by more than $600 billion since November.
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