A number of factors ranging from inflation to hiring freezes to industry-wide pressures have caused Bitcoin and other cryptocurrencies to lose significant value.
more than 70% in value since it hit its 2021 high of over $67,000, now worth just under $19,000.
The leading cryptocurrency has taken a beating in 2022, continuing a decline that started in November last year. For most of the year, the value remained within touching distance of $40,000, but two large drops – one at the beginning of May and one last week – has brought the currency to less than one-third of that November high.
Bitcoin now holds about as much value as it did during its previous record high in Dec. 2017 of $19,363.16. The currency, with a dip for six months during which it was worth around $30,000 before hitting its all-time highest value. Crypto traders have felt the selling pressure in recent weeks: Ledn Inc. co-founder and CSO Mauricio Di Bartolomeo said Thursday during an appearance on "Mornings with Maria" that there has been an "implosion" in some areas of the crypto market that has wiped out billions of wealth.
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