The successful times on the cryptocurrency market seem to be over for the time being.
(Photo: Bloomberg)
Denver, Dusseldorf The crypto market sell-off seems to have no end. According to data from the analysis house Coinmarketcap, the oldest and most important digital currency Bitcoin temporarily fell back to $26,350 on Thursday – the lowest price since December 2020. The discount on the record high from last November is now more than 60 percent. “Bitcoin and Co. have their backs to the wall,” said crypto analyst Timo Emden.
The development for the entire market is just as dramatic as with Bitcoin. Ether, the second largest cryptocurrency, has fallen below the $2000 level. Here, too, the minus compared to the record high of last November is more than 60 percent.
The market capitalization of all cryptocurrencies has since fallen from just under $3 trillion to under $1.2 trillion. In the past seven days alone, more than $600 billion has been withdrawn from the market.
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