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Bitcoin has been approaching the $ 20,000 mark for eight consecutive days, down 30 percent

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  Bitcoin

The price of Bitcoin reached $ 20,000 in European hours on Wednesday, and continued to fall for 12 weeks amid weakening macroeconomic sentiment and the risk of crypto market spread.

On Tuesday, bitcoin reached its lowest level of $ 22,000 in just a few hours in the United States. Cryptocurrency fell steadily on Wednesday morning, with Bitcoin falling below $ 21,000 for the eighth time, losing 30 percent over the past week.

Bitcoin has fallen 70 percent since hitting a high of about $ 69,000 last November, according to Coinbase.

“Lowering the price below $ 20,000 would be a major psychological blow and could push Bitcoin to a turning point,” said Craig Erlam, chief market analyst at Oanda.

Atrium (ETH), the second largest digital currency, has also fallen more than 15 percent and is currently trading at $ 1118.66 at the time of writing. Atrium’s current market value is $ 128.79 billion, according to CoinMarketCap, which lost almost 80% of its highest price of $ 48,91.70 in November 2021.

To address concerns about the company’s liquidity, Celsius shut down all withdrawals earlier this week because of “unprecedented market conditions.” Three Arrows, a leading cryptocurrency fund, has been forced to sell significant key positions this morning, at a minimum $ 400 million In refinements

The company informed its 1.7 million customers that it “has decided to consolidate its liquidity and operations while we take steps to protect and safeguard our assets.” The agency warned that it would take some time for customers to be able to withdraw their deposits again.

Investors are down in their sentiment about bitcoin

Concerns about the sharp rise in monetary policy are affecting financial markets, according to Alex Kopetsikovich of FxPro. They are flocking to digital currencies through their impact on large institutional investors. “It is not surprising that Bitcoin and Ether are pulling the entire digital currency market down in this scenario,” he added.

Inflation in the United States rose to 8.6 percent, up 0.3 percentage points from the expected 8.3 percent, according to the CPI in May. Worldwide data fell on global markets earlier this week as investors priced to raise interest rates further as the Federal Reserve sought to control spending.

Concerned about the recession and the “winter of cryptography,” Kevin Bass said he would lay off about 1,000 employees, about 18 percent of his staff. Shares of the company have been falling since its initial public offering in April. It is now worth less than $ 12 billion, which is less than $ 100 billion.