The significant losses of digital currencies are mainly attributed to higher interest rates. Cryptos are seen as risky investments and when interest rates rise, many investors choose to take less risk.
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On January 1, bitcoin was worth more than $47,000. Last November, the digital currency peaked at more than $68,000.
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Ethereum (ETH), the second-largest cryptocurrency in terms of market capitalization, has also fallen to around $1,030, down 9 percent in the past 24 hours. ETH has fallen about 80 percent since its peak in November 2021, according to data from CoinMarketCap, a website that tracks the prices of cryptocurrencies.
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