09 mei 2022
19:04
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Bitcoin fell to its lowest level since July 2021 on Monday. Other cryptocurrencies also lost considerable ground.
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Bitcoin was forced to lose up to 12 percent on Monday, dropping below the $31,000 mark for the first time since the summer of last year. the ether,
The world’s second-largest crypto currency was down 12.5 percent around 10 p.m.
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Last week, the US central bank raised interest rates by 50 basis points in an attempt to contain rampant inflation. Tightening monetary policy has driven many investors away from interest-rate sensitive growth and technology stocks since the start of the year.
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Highly speculative assets such as bitcoin and other cryptocurrencies have also fallen sharply in value. Slowing economic growth has significantly reduced investors’ appetite for risk. Bitcoin is trading more than 50 percent below its peak of $64,000 in November 2021.
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Remarkably, the price of bitcoin strongly correlates with that of the US technology index Nasdaq. The Nasdaq lost about 25 percent this year, the bitcoin is doing slightly worse with a loss of more than 32 percent.
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In any case, the crypto currency does not seem to be a safe haven for the time being in the face of ongoing inflation and macroeconomic uncertainty. However, crypto enthusiasts often refer to bitcoin as a ‘fixed value’ investment, similar to gold, that is unrelated to other financial assets.
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