30 percent minus in two months: Bitcoin price falls below 90,000 US dollars
Uncertainty is growing in the financial markets, and cryptocurrencies are once again feeling the brunt of this: the Bitcoin price continues to plummet.
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The price for a Bitcoin has fallen below 90,000 US dollars for the first time since spring, at least temporarily. This emerges from data from the crypto platform CoinMarketCap, according to which the price has recently been fluctuating around this mark. This means that the most important cryptocurrency by far has lost almost 30 percent of its value since its peak just over two months ago. Just a week ago, one Bitcoin cost more than 100,000 US dollars. Responsible for the sustained and drastic price drop are, according to Reuters, uncertainties about the further interest rate policy of the US central bank and a generally deteriorating mood in the financial markets.
Unprecedented rally, dramatic crash
The price crash of the past few days once again illustrates how quickly and unchecked cryptocurrencies can fall, while there are various circumstances on the stock markets that can at least slow down a sell-off. When Bitcoin briefly fell below the 100,000 US dollar mark for the first time in early November, it marked the worst October for the cryptocurrency since 2018. In the years that followed, it has always lost value in this month. However, the massive sell-off of recent weeks was preceded by an unprecedented rally, during which the Bitcoin price rose from 76,000 US dollars in mid-April to 125,000 US dollars in October.
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As has long been customary in the crypto markets, the price drop of Bitcoin has recently been accompanied by similar losses in other major cryptocurrencies. Ether has lost 15 percent of its value in the past seven days, XRP more than 13 percent, and Solana even over 18 percent. This is according to data from CoinMarketCap. Further developments in the coming days, according to Bloomberg, will now be crucial, as will the business figures from Nvidia & Co. to be presented this week. In addition, long-awaited figures on developments in the US labor market will be released on Thursday. These were not published on time due to the US government shutdown.
(mho)
