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Cryptocurrency just had a terrible, terrible week – Source fastcompany.com

It’s been a dramatic and trying week for the crypto faithful.

During the past week, Bitcoin abruptly fell to half of its November value. The cryptocurrency, which had cost more than $67,000 per coin in November, dove from $42,369 on January 18 down to $33,113 on January 24. Etherium hit $3,263 on the 21st, then dropped to $2,159 on the 24th.

The crypto sell-off may have been triggered by rumors that the U.S. government will soon regulate digital currency. The market may also have been reacting to the same thing that caused a sell-off in the stock market—fears that the Federal Reserve will soon raise interest rates. Adding to the anxiety is the current geopolitical instability in Europe caused by a possible Russian invasion of Ukraine.

As some pointed out this week, buying crypto is placing a bet on the future acceptance of the currency itself. That in part explains the dramatic upswings and downswings in the price of Bitcoin and other cryptocurrencies. Stock prices are subject to…

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Source : fastcompany.com

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