Bitcoin’s price surpassed $19,000, while Ethereum dropped below $1,000 (2022 June 15). This extended the crypto bear market to new lows. Bitcoin fell nearly 10% in 24 hours. This is on top of a string of losses that have been sustained over the past months. Bitcoin is now at $20,000, more than 70% below its November 2020 high of $68,000 per coin. Since that peak, Bitcoin’s value was lost $900 billion.
The so-called crypto winter is also affecting on Ethereum. The second-largest cryptocurrency token fell 10% to $975 on Saturday, marking its lowest level since January 2021. From its record-breaking November high, the coin has lost 80%. The huge crypto meltdown is part of a larger market downturn caused by rising inflation, rising interest rates, and war in Ukraine.
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