Bitcoin and crypto platforms are in trouble. What’s behind the collapse?
Global News
Why is Bitcoin plummeting in value? Why are major cryptocurrency platforms cutting jobs? We've got answers to crypto's rough week on the market.
The plummeting value of Bitcoin and turmoil across major cryptocurrency platforms has many investors fretting about their digital wallets and leaders in the space warning about a “crypto winter.”
So what’s happening, and what does it mean for your portfolio? Here’s what you need to know.
Bitcoin is continuing a downward spiral that has marked much of 2022 for the popular cryptocurrency.
The digital currency continued to sink Tuesday following a 16-per cent drop on Monday that sent its value as low as US$22,400. Bitcoin has lost more than two-thirds of its value compared to all-time highs in November of last year.
Bitcoin is not the only crypto asset facing a downturn.
Ethereum, another widely-followed cryptocurrency, was down roughly 17 per cent on Monday. The crypto market as a whole dropped below a value of US$1 trillion this week.
Investors have been selling riskier assets such as digital currencies and technology stocks as the Federal Reserve raises interest rates to combat high inflation.
Monday marked the start of a bear market on Wall Street as the S&P 500 fell 20 per cent below a previous high point in January.
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