The cryptocurrency market is still suffering losses with the decline in current trading value. On this line, the value of Bitcoin declined by approximately 12%, or about $20.8 thousand, to reach its lowest levels since late 2020. This decline reflects a decline in the value of Bitcoin by 65% ââcompared to the levels it reached during the month of November 2021. According to studies, it recorded The cryptocurrency market has declined unparalleled, bringing its value to less than a trillion dollars.
These results and the ongoing fluctuations raise concerns among companies regarding the future of digital currencies and their value, which may decline in the coming years. Analysts warn that the largest cryptocurrency in the world will fall to $8,000 as US interest rates continue to rise. This major collapse in cryptocurrency prices led to the cessation of trading and withdrawals, and usersâ desire to get rid of these currencies became greater due to their stability.
These operations may affect the global digital economy, which may witness many expected transformations and losses. In contrast, the market value of the second largest cryptocurrency, Ethereum, rose by 1.6% to record $1,227,000 after previous losses of 29%.
Cryptocurrencies will take time to return to what they were, and in this context, experts in the field of the digital economy point out that the repercussions of the major collapse will not be for a short period, as recovery has a long strategy required for both traders and the economic market to follow. Cryptocurrencies went through a similar phase with the significant decline witnessed by Bitcoin in 2017, when its value fell by 80% and did not rise until about 3 years later.