Bitcoin on ‘Street to Irrelevance,’ European Central Financial institution Says


Simply greater than a yr in the past, on Nov. 10, 2021, the worth of 1 bitcoin reached its all-time excessive at greater than $68,000. That was after 10 months of robust good points, because it had began 2021 within the $30,000 vary.

After that November excessive, Bitcoin struggled for the rest of 2021 and started 2022 at a price of simply greater than $40,000.

Then got here the spring, when markets fell typically and cryptocurrency crumbled particularly. Inflation and rate of interest hikes had traders spooked.

On July 1, a bitcoin’s worth closed beneath $20,000, about half its value at the beginning of the yr. The Dow Jones Industrial Common was additionally down for the calendar yr, however solely 15%.

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