Tuesday, December 5th, 2023

All major cryptocurrencies fell sharply, bitcoin reached two-year low, know what next

Photo:India TV cryptocurrency

cryptocurrency There has been a tremendous decline in the market. All major cryptos, including bitcoin, have seen a big drop from 10 percent to 30 percent today. At the same time, in the last one week, the most important cryptocurrency Bitcoin has lost about 20 percent. Due to this, the price of bitcoin has reached the lowest level since 2020. Today the price of one bitcoin is trading around USD 16,800 which is the lowest since November 2020. The constant selling in cryptocurrencies has created panic among investors. It is worth noting that the price of bitcoin had reached $ 69,000 just two years ago from today. However, there has been a steady decline since then. Not just Bitcoin but all other major cryptocurrencies have this downside.

What do experts say next?

Experts say that the cryptocurrency may continue to fall further. Given the kind of environment in the markets around the world, we would like to advise against making any new investments in bitcoin. You can lose all your money. Investors who are at a slight loss, withdraw their money. At present, any investment made in greed can make a big loss.

Why has there been such a big decline

The major reason for the decline in cryptocurrencies is the announcement by crypto exchange Binance to outright buy out its non-US unit of another exchange FTX to solve the ‘liquidity problem’. FTX and Binance are rival exchanges of each other. Binance CEO Changpeng Zhao stated that FTX has a major liquidity crisis and after FTX sought Binance’s help, they “signed a non-binding LoI aimed at liquidity crunch.” to remove the crisis. Since then, the cryptocurrency market has been witnessing a decline.

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