BITCOIN PLUNGES BELOW $19K, CRYPTO MARKET LOSES $55B

Thu 30 June 2022:

On Thursday, Bitcoin plunged below the $19,000 mark once more, retesting the crucial support level established on June 18 as the cryptocurrency market tries to recover from the bear market zone.

At 0930GMT, the price of Bitcoin plunged to $18,921, its lowest point since December 2020. The largest cryptocurrency in the world by market valuation was down 4.8 percent on the day as of 1225 GMT, trading at $18,123.

By market value, Ethereum is the largest altcoin in the world. At 11:15 GMT, its price fell to $1,011. At 12:25 GMT, it was trading at about $1,023.

The total value of the cryptocurrency market fell to $852 billion as of 1055GMT, which is down $55 billion, or 6%, from $907 billion at 2015GMT on Wednesday. Total value stood at around $854 billion at 1225GMT for a daily decline of 5.1%

The market’s total value is significantly down from the $3 trillion market cap that was recorded in November.

The recent selloff comes as a result of the aggressive rate hiking cycle from central banks around the world, which fuels fears among investors that monetary tightening could cause a recession in the global economy.

Managing high inflation could and probably will result in slower economic development, according to US Federal Reserve Chair Jerome Powell, while Christine Lagarde, president of the European Central Bank, said she doesn’t think the world is returning to a time of low inflation.

NEWS AGENCIES

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