The first few weeks of 2022 are tough for anyone investing in Bitcoin. After accumulating a drop of more than 11% last Friday (21), the most famous cryptocurrency on the market remains in free fall amid fears of an attack from Russia on Ukraine.
At the time of publication, the digital currency has accumulated a weekly drop of more than 18% , remaining slightly above US$ 34,000, which has not happened since July last year — as a comparison, Bitcoin was quoted at US$ 46,000 on the beginning of January.
The new drop is yet another blow to the cryptocurrency market. At its worst, Bitcoin was worth just over $33,700 this Monday (24). It is worth remembering that the value is increasingly distant from the US$ 69 thousand seen in November last year, a period that marked the highest rise in the history of the digital asset.
As is always the case with Bitcoin declines, the capitalization of the entire cryptocurrency market has also dropped by around 5%, now worth $1.55 trillion (almost half of the $3 trillion it reached also in November last year).
Other cryptocurrencies also dropped. Ethereum, for example, has already accumulated a drop of almost 30% in the last seven days. Currently, the digital asset is quoted in the range of $2,200, also the lowest since July last year.
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US government announcement led to Bitcoin crash
Last Sunday (23), according to Reuters , the US government said it would order the family members of US diplomats to leave Ukraine. The signal could indicate that the country's authorities are preparing to act more aggressively against Russia.
Fears of a new conflict have not only brought down the value of Bitcoin but also impacted the stock market.
Companies listed on the stock exchange that operate in the cryptocurrency sector even recorded drops of 7.3% to 12% this morning. This was the case with Bit Digital, Coinbase, another well-known name in the digital asset market, and Riot Blockchain.
Via: Decrypt, Reuters
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The post Bitcoin drops below $34,000, lowest since July appeared first on Olhar Digital.
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