Like most other cryptocurrencies, bitcoin’s value fell again on Friday. The main digital currency was worth about USD 28,500 (about EUR 26,500) around 9 p.m. Dutch time. This is the eighth straight week that bitcoin value has fallen. That has never happened in the past ten years.
According to CoinMarketCap, which tracks the prices of digital currencies, Bitcoin has lost about 3.5% in the past 24 hours. The value of the coin is close to its lowest level this year. At the beginning of this year, one bitcoin was still worth almost $48,000 (about 44,750 euros). Now 40% less.
Ether, the second largest digital currency by market capitalization, has lost nearly 7% in the past 24 hours.
The fall in value of cryptocurrencies is partly due to the prevailing interest rate fear among investors. Higher interest rates are often negative for stocks and other risky investments.
The stock markets have recovered in recent days. Investors reacted, among other things, to a report that the Federal Reserve (Fed), the US central bank’s favorite inflation indicator, rose more slowly in April than the month before. This could be a sign that price increases in the United States are slowing down.
Source: NU
John Cameron is a journalist at The Nation View specializing in world news and current events, particularly in international politics and diplomacy. With expertise in international relations, he covers a range of topics including conflicts, politics and economic trends.
