February 9, 2023


Complete Canadian News World

Bitcoin is dropping sharply. Cryptocurrency down nearly 17 percent

The popular cryptocurrency, Bitcoin, has once again suffered a significant drop in its value. One unit of the currency, at the time of writing, is approximately equal to 141,181.94 Polish Zloty. Five days ago, you had to pay 17,2506.65 PLN for one bitcoin.

Although the currency recorded the biggest drop on Saturday, January 22nd when it was worth around 137,000 PLN per unit, the current trend is not optimistic. Bitcoin bounces a little higher, including in small drops, but given its history, you must consider the possibility of another significant drop in value.

balloon explosion sound

according to ReutersThe currency is experiencing sharp price swings as investors’ appetite for risk decreases amid concerns about inflation and a sharper pace of interest rate hikes is expected from the US Federal Reserve. In addition, the situation has not improved due to the global trend of rising inflation, which may also hinder interested people from outside the United States.

This trend has also affected other cryptocurrencies. Ethereum, the second most popular digital currency, has lost nearly half of its value. Even in November, its value was more than 19 thousand. zloty. Its present value is at 9726.98 PLN per 1 unit ether.

Given the many problems the world is currently experiencing, the downturn in the cryptocurrency market should come as no surprise. It has long been known that digital currencies are very environmentally friendly and energy consuming. Therefore, noting the increasing global electricity prices or the many crypto bans and regulations introduced by subsequent countries, the decline in bitcoin should not come as a surprise.

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A separate question is whether new investors will enter the game now who will risk buying cryptocurrencies in such a risky situation. However, there is a significant risk that the decline in the value of cryptocurrencies will be the first sound of an exaggerated balloon explosion. This, in turn, means that both Bitcoin and lesser-known projects like Ethereum or Litecoin will experience an even greater decline in value.