Bitcoin has fallen nearly 30% in the past month alone as cryptocurrencies across the board tumble to their lowest levels in months.
Bitcoin dropped to just above $25,000 on Thursday, a more than 63% decline from its peak of $69,000 registered last November. The tumble comes as the Federal Reserve has begun tightening monetary policy and traditional assets like stocks also fall, fueling fears of a possible recession.
A major influence on the losses relates to the global economic situation more generally. After nearly two years of loose monetary policy, some central banks, particularly the U.S. Federal Reserve, have begun tightening by raising interest rates and shrinking balance sheets in order to drive down red-hot inflation.
Bitcoin, and cryptocurrencies writ large, have become increasingly more mainstream and accepted by institutional investors. Goldman Sachs became the first major U.S. bank to trade cryptocurrencies over the counter, and Ray Dalio’s Bridgewater Associates has said it plans to back its first crypto fund.
“There is pandemonium across all markets. Inflation is rising, interest rates are rising, and the actual effects at the consumer level are even much more dramatic than the Fed or government want to acknowledge,” cryptocurrency entrepreneur Travis Bott told the Washington Examiner.
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