The world’s largest and most famous cryptocurrency, Bitcoin, has experienced a sharp decline in price in recent weeks, pushing its value down to a 4-month low. This drop signals significant instability and uncertainty in the global crypto market.
According to news agencies, Bitcoin has fallen below the critical $100,000 psychological benchmark for the first time since June. Following a 6.7% decline, the price was recorded at $99,936.
Significant Price Depreciation
Media reports indicate that Bitcoin’s price had reached a high of $126,000 last month. Since then, the cryptocurrency market has witnessed an overall drop of over 20%, causing concern among investors.
Alongside Bitcoin, other major cryptocurrencies have also seen notable depreciation:
- Ethereum: Its price recorded a 10% drop.
- XRP: Its value decreased by 6%.
Reason for the Recent Decline
According to US media, a major contributing factor to the recent slump in digital currency values is the cautious approach adopted by investors. Due to increasing uncertainty surrounding global economic conditions and crypto regulations, investors are withdrawing their assets from the market to secure their capital.
