Advertisement

  • News
  • Columns
  • Interviews
  • BW Communities
  • Events
  • BW TV
  • Subscribe to Print
BW Businessworld

Bitcoin Goes Under $25K For First Time Since December 2020

The news of the plummeting Bitcoin contributed to fall in markets across Asia

Photo Credit :

1512035669_ZHk0Je_bitcoin_final.jpg

In a first since December 2020, Bitcoin has plunged to under USD 25,000 as crypto market took a hit. The cryptocurrency has been sliding in the markets for 12-straight weeks.

The news of the plummeting Bitcoin contributed to fall in markets across Asia as Hong Kong Seng fell by 3.5 per cent, Japan’s Nikkei 225 fell 3.01 per cent, and India’s Sensex slid 2.44 per cent. While Nasdaq opened 2% lower.

The fall below the USD 29,000 mark indicates that the cryptocurrency might drop to its 2017 levels of USD 20,000.

In the meantime, Ethereum fell by 9.96 per cent to USD 1,312.06.

The crypto world has been shedding weight throughout the weekend and continued its drop on Monday in Asia. The fall was perhaps also due to the revelation of U.S. consumer-price inflation, which stood at 8.6 per cent in May – its highest level in more than 40 years.

Since hitting its all-time high in November last year, Bitcoin has slid in a huge way, contributing to a near-USD 2 trillion wipeout in the broader market. Crypto’s market capitalization has reduced to USD 1.031 trillion, which came down from USD $2.968 trillion in November.



Tags assigned to this article:
bitcoin cryptocurrency