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



Simply greater than a 12 months 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 sturdy positive aspects, 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 worth of simply greater than $40,000.

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

On July 1, a bitcoin’s worth closed beneath $20,000, about half its value firstly of the 12 months. The Dow Jones Industrial Common was additionally down for the calendar 12 months, however solely 15%.

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