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Bitcoin Price Hits New Low; Here’s Why

creador del bitcoin

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Bitcoin, the best-known cryptocurrency on the market, fell more than 7% this Monday to the lowest since December 2020, after remaining for the last month stagnant at $30,000.

According to Bloomberg data, at the opening of the European stock markets, bitcoin lost 7.27% and trades at 25,358.93 dollars.

The value of this cryptocurrency is down 45.26% in the year, and 63.24% from the historical highs it reached last November, when it touched $69,000.

Experts explain that cryptocurrencies are being affected by the interest rate hikes by the various central banks, which have tightened their monetary policies to control inflation.

Since the last interest rate hike announced by the Federal Reserve on May 4, bitcoin has lost 36.28% of its value.

Since mid-May, bitcoin has remained stable at 30,000 dollars, after plummeting days earlier to its lowest level since December 2020 (around 25,000 dollars) following the sharp fall of terraUSD, a stablecoin that maintained its parity with the dollar through a complex algorithm linked to the cryptocurrency moon.

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Ether, the second most popular cryptocurrency on the market, also plummeted this Monday, by 9.71%, to 1,332.515 dollars.

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