Bitcoin Just Dropped Below $30,000—What Drove This Latest Decline?

Bitcoin Just Dropped Below $30,000—What Drove This Latest Decline?

This is a BETA experience. You may opt-out by Bitcoin prices have suffered some heavy losses lately, falling to less than $30, 000 during a day where risk assets experienced a broad sell-off. The world's most prominent digital currency dropped to $29, 870. 33 around 8 p. m. EST, TradingView data shows. At this point, the cryptocurrency was trading at its lowest value since July, additional TradingView figures reveal. By falling to this point, the digital asset was down more than 50% from its all-time high of roughly $69, 000 reached late last year. [Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.] When explaining these latest price movements, several analysts spoke to central bank money tightening, stating that this development was causing investors to flee risk assets. Central banks around the world have injected trillions of dollars' worth of stimulus into the global financial system in order to shore up economic conditions during the global pandemic. Further, they have been maintaining low benchmark interest rates for years, a policy that they have started to reverse. Between rate hikes and asset sales,