Like most other cryptocurrencies, the value of Bitcoin fell further on Friday. The most significant cryptocurrency was valued at around $28,500 (around €26,500) around 9pm NST. It is the eighth consecutive week that the value of Bitcoin has fallen. This has not happened before in the past ten years.
Bitcoin has lost about 3.5 percent in the past 24 hours, according to CoinMarketCap, which tracks cryptocurrency prices. The value of the coin is approaching its lowest level this year. At the beginning of this year, bitcoin was still worth about $48,000 (about €44,750). This is 40 percent less currently.
Ether, the second largest cryptocurrency by market capitalization, has lost nearly 7 percent in the past 24 hours.
The decline in the value of cryptocurrencies is partly due to fear of interest rates prevailing among investors. Higher interest rates are generally considered unfavorable for stocks and other risky investments.
Stock markets have rebounded in recent days. Investors responded, among other things, to a report that the US central bank’s preferred measure of inflation, the Federal Reserve (Fed), rose less quickly in April than the previous month. It may be a sign of slowing price increases in the US.
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