The world’s largest cryptocurrency fell as much as 7.8 percent to $20,289, its lowest since December 2020 - as NBC reports. The world’s largest cryptocurrency fell as much as 7.8 percent to $20,289, its lowest since December 2020. It has lost around 28 percent since Friday and more than half of its value this year. Bitcoin falls by up to 30% since May inflation report. It has slumped about 70 percent from its record high of $69,000 in November.
The price of Bitcoin (BTC) has been dropping sharply, thanks to major turbulence in cryptocurrency markets. Hotter inflation has raised expectations for the possibility of a bigger interest rate hike from the Federal Reserve, which begins a two-day policy meeting on June 14.
Bitcoin prices are now down 50% year to date and are trading well off their all-time highs around $69,000 in November 2021.
An important role has to be found in Celsius, a decentralized finance (DeFi) platform and one of the largest crypto lenders.
As Forbes as written "With up to 1.7 million customers, Celsius has earned a cult following in crypto world by advertising that users can earn an annual percentage yield (APY) of up to 18% by depositing their crypto holdings on their platform".
The company had $11.8 billion worth of assets under management (AUM) as of May 17, down from more than $26 billion in October last year. In June, the company stopped disclosing its total AUM on its website.
In the end everybody knows that stocks, commodities, high-yield bonds, currencies—and Bitcoin—are risk assets because you can expect their prices to move up and down frequently under almost any market conditions. We can wait and observe, but sometimes failure will happen.
Ilaria Vanni is a TV journalist for italian broadcasting and coordinator of The Meta Economist portal. She has a philosphy degree and she's now studing the economic and technological issues connected to the new frontiers of the metaverse.