The losses of the most famous cryptocurrency, “Bitcoin”, deepened, today, Saturday, below 36 thousand dollars, losing 48 percent of its highest value achieved above 69 thousand dollars last November.
Bitcoin’s tumble has lost $600 billion in market value, and has evaporated more than $1 trillion from the entire cryptocurrency market.
The declines in the cryptocurrency market are exacerbated with the intention of the Council of The Federal Reserve (the US central bank) withdraws stimulus from the market.
As a result, the most risky assets worldwide suffered, and Bitcoin, the largest crypto asset in value, lost more than 12% Friday and plunged 9% today, Saturday, and its losses amounted to about 18% over the past 7 days.
The cryptocurrency market has been mired in the dangers of easing US fiscal stimulus, raising interest rates on the dollar, and accordingly other cryptocurrencies such as Ethereum and meme have fallen by more than 45% over the past few weeks.
Cryptocurrencies have been hit by a proposal by the Russian Central Bank to ban the use and mining of cryptocurrencies. Russia is one of the world’s leading bitcoin mining sites.