Cryptocurrencies have been dropping down over the last two weeks. Almost every coin has lowered its worth in the last 14 days. As it’s obvious, that the market is volatile because currencies were surging almost two weeks back but they are falling down once again.
There’s no single factor causing cryptocurrencies to fall right now, but there’s a convergence of items that are adding together. Why Cryptocurrencies have been dropping down over the last two weeks? Almost every coin has lowered its worth in the last 14 days.
The first is that China continues to be intent on eliminating crypto mining from the country. Officials from the National Development and Reform Commission said in a press conference today that they will continue to crack down on mining, which likely means that one of the world’s largest economies is rejecting cryptocurrency outright.
We are also seeing the dollar strengthen versus other fiat currencies, and it appears to be strengthening versus cryptocurrencies as well. The dollar is strengthening in part because interest rates are rising, which could help slow inflation. But if investors own Bitcoin or another cryptocurrency as a hedge against inflation, rising rates and a rising dollar could cause them to unwind that trade.
We are also likely seeing a natural pullback in cryptocurrency values, which have run-up over the past few weeks. You can see below that, since the start of September, Bitcoin, Ethereum, and Solana have been on fire, while meme coin Dogecoin seems to have lost its luster.
Even the best coin in the market, Bitcoin has dropped its worth by -0.1% in the last hour. Additionally, in the last 24 hours, the coin has lowered its price by -1.6%. Moreover, the last 7 days are also similar to this trend and the coin has lost its worth by -10.8%.
The last 14 days are also identical to this story, the coin has dropped down by -5.3%, and last but not least, even the last 30 days went so awful for the coin. Bitcoin has dropped its worth by -2.7% in the last 30 days. In fact, this is going to be the worst month for Bitcoin.
Currently, it’s trading with $59,837.63 in the Crypto market. The high recorded price is $61,389.80 and the low recorded $58,994.44 in the last 24 hours. Thus, the coin is resisting hard against the slumped market.
Besides, Shiba Inu is also struggling hard against the slumped market. The coin has been dropping down for the last 14 days. The coin has dropped down by -29.5% in the last two weeks. In addition to that, it has dropped down by -11.7% in the last seven days.
The explosion of cryptocurrency prices seems to have come to an abrupt halt late on Monday night as a broad crypto sell-off commenced. As of 11 a.m. EST on Tuesday, every major cryptocurrency was down big, with some trading 10% lower in the past 24 hours.
Bitcoin (CRYPTO:BTC) is the biggest and most notable move in the world of cryptocurrency, falling 5.8% in the past 24 hours. After peaking at about $69,000 last week, the value of a Bitcoin fell below $59,000 briefly early Tuesday morning.
Ethereum (CRYPTO: ETH) is down 8% in the past day, falling over 10% briefly this morning. It’s down 10.8% in the past week. Solana (CRYPTO: SOL) is down 6% in the past 24 hours and has fallen 9.1% in the past week. Dogecoin (CRYPTO: DOGE), which is the king of meme coins, is down 6.5% in a day and 14.5% in the past week.
Furthermore, the coin has lowered its worth by -2.6% in the last 24 hours and -0.2% in the last hour. Showing that the coin is dropping down frequently. However, it’s because the market is volatile and ups and downs are part of it.
Recently, it’s trading with $0.00004861 in the market. The high recorded price is $0.00005049 while the low recorded price is $0.00004736. The market capitalization is almost $26bn.
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