The most important and oldest cryptocurrency has lost about two thirds of its value since November last year, as has the second largest cryptocurrency, ether.
(Photo: Reuters)
Frankfurt Payment stops and insolvencies for crypto platforms, price slumps for digital currencies and then hacker attacks: The crypto industry is under pressure and there is no end in sight to the downward trend.
“There are currently good reasons for investors not to invest in crypto in the short term,” said Philipp Sandner, head of the Blockchain Center at the Frankfurt School of Finance. He warns that another fall in the price of the oldest and most important cryptocurrency Bitcoin is imminent this month. Bitcoin has lost about two-thirds of its value since November 2021, as has the second-largest cryptocurrency, Ethereum.
The industry is also burdened by the discussion about the high energy consumption in the production of cryptocurrencies – especially in view of rising electricity prices. And in the coming weeks, the US government will decide how to regulate digital currencies. So far, the administration of US President Joe Biden has not been considered a crypto advocate.
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