Bitcoin's price has been in freefall over the past week - losing over 16% in the process. Here are a few possible reasons for the decline.
Author:Bitcoin’s price has been in freefall over the past week – losing over 16% in the process. Here are a few possible reasons for the decline.
This represents a decrease of more than 16.5% in the span of four days. Many other cryptocurrencies followed suit, resulting in a whopping $300 billion hit for the total cryptocurrency market capitalization.More importantly, BTC has closed six consecutive weeks trading in the red – something that hasn’t happened in 8 years. With this in mind, we take a closer look at some of the possible reasons for the downturn.
The overall uncertainty caused by rising inflation has taken its toll on both retail and Wall Street investors, as markets bleed out continuously throughout the past weeks, where intensity has only increased in the last few days.
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