Bitcoin below $ 20,000 – ‘Dive’ over 30% in the last 7 days

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Bitcoin is moving below $ 20,000, which yesterday “reached” $ 17,749, while Ethereum had reached $ 897, as the sell-off in the cryptocurrency market continues.

Right now, according to investing.com, Bitcoin is up 4.48% in the last 24 hours and is moving at $ 19,490.5. At the same time, Ethereum strengthened by 8.96% and moved to $ 1,049.18. However, the two most popular cryptocurrencies in the world are falling more than 30% in the last 7 days.

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The “dip” in the cryptocurrency market came in part from pressure from macroeconomic forces, such as rapid inflation and successive Fed interest rate hikes. It also does not help that cryptocurrency companies are laying off large numbers of employees and some of the industry’s most popular names are facing bankruptcy.

Bitcoin hit a record $ 68,789.63 in November, while Ethereum hit a record high of $ 4,891.70 the same month.

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Source: Capital

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