Bitcoin Price Falls 54% From Its High.
The world’s largest cryptocurrency drops to $31,000
This market is still on to downward slide since last week and is mirrored by the fall of the stock market overall.
The largest cryptocurrency in the world bitcoin dropped to $31,075.70 on Monday night
with a decrease of 10% from the previous day at five p.m. EDT According to the prices of CoinDesk.
Bitcoin's price is down 54 percent since its record high which was $67,802 back in the month of November.
It's on track to be the most difficult five-day period since the five days that ended on the 16th of March, 2020 in which it dropped by 38%
Ethereum is the second-largest cryptocurrency, dropped on Monday to $2,286.10 nearly 10% lower than the price of the previous night.
Bitcoin and other cryptocurrencies are known for having erratic price fluctuations.
Investors from the individual market controlled it for many years, however institutional investors, like money managers and hedge funds have begun to take over the market.
The stock market was down this week, the day following it was announced that Federal Reserve announced a rate increase of half a percentage point, the highest since 2000, to combat inflation.