Interest rate hikes in the US and increased regulation have put cryptocurrencies under pressure in recent months.
(Photo: dpa)
Dusseldorf After a month-long hiatus, the sell-off in the crypto market is picking up steam again. The oldest and most important cybercurrency Bitcoin crashed below $23,500 on Monday. This is a 17 percent discount from the daily highs on Sunday and the lowest price since Christmas 2020.
“There is a sell-off mood on the market,” reports crypto analyst Timo Emden from the analysis company of the same name. “Bitcoin’s psychological $20,000 mark is shaking like never before. If the said mark is permanently undercut, stockbrokers could finally switch to panic mode.”
The crypto market is currently under pressure from two sides. Driven by the prospect of significantly rising interest rates in the USA and the uncertain global economic forecasts, investors are in risk-off mode – they are reducing their risk. Asset classes that are particularly susceptible to fluctuations, such as cryptocurrencies, are sold against this background, especially since they do not yield any interest either.
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