[ad_1]
Bitcoin on Sunday witnessed another round of free fall, slipping below $35,000 per coin, as the global crypto market went through a massive slump of over 4.5 per cent in the past 24 hours to $1.66 trillion.
All cryptocurrencies were weighed down as central banks globally tried to control inflation by raising interest rates.
Bitcoin is down more than 20 per cent since the beginning of this year.
On Sunday, Bitcoin was hovering around $34,400 and ethereum, which is the second largest cryptocurrency, plunged 4.8 per cent to $2,545.
Dogecoin prices were trading about 1.2 per cent lower at $0.12 whereas Shiba Inu was down by over 4.9 per cent to $0.00001887.
The US Federal Open Market Committee (FOMC) last week voted to raise interest rates by 0.5 per cent, marking its biggest upward adjustment in over two decades.
Federal Reserve Chair Jerome Powell also raised interest rates to combat inflation.
Since the Federal Reserve laid out plans to begin hiking interest rates in November last year, Bitcoin’s price has fallen by over 40 per cent, reports Cointelegraph.
Bitcoin finished the month of April down by 17 per cent, making it the worst monthly performance this year.
Bitcoin investors are likely to lose up to $545 million this year, owing to various reasons like forgetting passwords to their wallets or making a mistake in recording their “seed phrases”, according to a new report.
A seed phrase is a series of words generated by your cryptocurrency wallet that give you access to the crypto associated with that wallet.
Analysts have estimated that at least 20 per cent of all Bitcoin is lost and that the majority of those funds are irretrievably lost.
According to CryptoAssetRecovery.com, between $272 million to $545 million of Bitcoin will be lost this year.
–IANS
na/ksk/
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
[ad_2]
Source link