Bitcoin on a tumble, cryptocurrency down 28 percent over the year

moneycontrol.com:

Bitcoin, the world’s biggest cryptocurrency, is on a tumble down 28 percent this year so far. On a daily basis, it slipped four consecutive days, to notch $33,629.45 today, as per CoinMarketCap data. Market capitalisation is at $640,109,408,868 (-2.87 percent) and volume is at $35,739,822,477 (28.59 percent).

As per analysts and watchers, the Russia-Ukraine war and changing economic policies impacted the cryptocurrency market as investors flee to more stable havens.

Also Read | May 9: Bitcoin, Ethereum slump; cryptocurrencies trade in red

Notably, crypto coins are not alone in feeling the brunt. In association, Jack Dorsey’s Block Inc. on May 5 missed its Q4 market estimates on back of soft demand for Bitcoin and overall slump in crypto prices, Reuters reported.

The company lost over 50 percent revenue in Q1 to $1.73 billion after prices which skyrocketed during last year’s rallies tempered and now nosedived.

Bitcoin hit an all-time high of $67,549.74 on November 09, 2021. The swing has been wild, with the range from May 2021 to May 2022 being a steep $68,789.63 at the highest to $28,893.62 at its lowest.

Over the month so far, highs and lows have ranged from $43,376.38 to $33,714.43. For stakeholders, this is uncomfortably close to its last year’s low of $31,594.66 — recorded on June 26, 2021.

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