The price of the Bitcoin cryptocurrency for the first time since December 2020 fell below $20,000. According to Coindesk, over the weekend, the value of Bitcoin fell to $17,934, but as of Monday, the coin won back the price to $20,037. Thus, one of the most popular cryptocurrencies in the world continued protracted dive down. It is associated with inflation in the US, pushing investors to sell intangible assets.
Recall that at its peak in November 2021, one Bitcoin cost more than $67,000. Since then, the value of the cryptocurrency has gradually begun to decline. However, back in April of this year, investors were more confident in its future, which was confirmed by an increase to $46,000.
Analysts now assume that the US Federal Reserve will tighten its monetary policy even more, and by the end of summer the key interest rate is expected to increase. Therefore, many crypto investors are in a hurry to get rid of Bitcoin, Ethereum and other coins that it pulls with it.
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