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Why is Bitcoin falling?
The price of Bitcoin and Ethereum, the two largest digital assets by market capitalization, has dropped more than 40% since mid-November. Bitcoin hit a record high of around $ 69,000. in November, before dropping to about $ 34,432. on January 22 at 19.00 Polish time. This is a level below which "there isn't much support all the way to the $ 30,000 mark"
Below are the main reasons for the decline in cryptocurrency:
- Interest rate increases by the FED
- Increasingly correlated with the stock market
- Regulations - the topic comes back like a boomerang
- Cryptocurrencies do not have days off work