When the term “cryptocurrency” first emerged about 13 years ago, many social media users, including everyday people, gave it no weight. However, over time, its importance began to grow.
Then, at some point, Bitcoin reached a value of several thousand dollars. Bitcoin is now used in many websites and wallets. New currencies similar to Bitcoin are introduced to the market. In addition to Bitcoin, many cryptocurrencies including Ethereum, Litecoin, and Dogecoin are in use today. Additionally, over the past year, Bitcoin has gained tremendous fame and popularity.
However, Bitcoin started to depreciate in November 2021, and it continued to decline. Following various scandals and thefts in the crypto world, Bitcoin is now at an all-time low.
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Experts believe that the cryptocurrency is going through its worst crisis since its inception. And it could get worse. Following the FTX scandal that broke last month, millions of people who invested in cryptocurrencies are in trouble as the crypto market has started to slide further.
FTX founder Sam Bankman-Fried has been taken into custody. He is accused of defrauding millions of people, according to US officials.
Professor Carol Alexander predicted the Bitcoin market crash last year. He said things happened in such a mysterious way that it even surprised him.
While many cryptocurrency thefts have been discovered, the value of two digital currencies fell dramatically in May, indicating that investors took $400 billion off the market. Ronen network hackers stole over $60 million in cash from the crypto market. Large corporations going bankrupt and currencies falling in value have begun to drive away investors big and small. The price of a Bitcoin coin has so far fallen by 70% to US$16,722, according to the latest data.
The Binance platform saw $1.4 billion in withdrawals from the cryptocurrency market on Tuesday, but the company’s founders say business is business as usual. According to experts, the continued existence of exchanges in the current economic climate depends on their ability to persuade investors that the cryptocurrency market is still a safe place to invest. Cryptocurrency redemption might not be feasible with anything less.