Agencies-Gaza post
Bitcoin drops to 18-month low
The world’s leading cryptocurrency, bitcoin, slipped below $25,000 per token Monday morning and is down more than 43% so far this year from nearly $49,000 in March.
As of 08:15 GMT, it was trading at $24,800 per coin, down 9.8% for the day.
Bitcoin has now been in decline for almost 12 straight weeks, dragging smaller crypto tokens down with it.
Ethereum, the second-largest cryptocurrency, lost nearly 8% of its price to trade around $1,340, a 15-month low. Dogecoin, Stellar, Uniswap, XRP, Solana, Polkadot, Polygon, Cardano, and Litecoin were also in the red, losing up to 15% over the past 24 hours.
Overall, the global market capitalization of cryptocurrencies fell by more than 8% to around $1.08 trillion in 24 hours. Consequently, crypto lending firm Celsius was forced to pause withdrawals and transfers, citing “extreme market conditions.“The price of Celsius’ own token also fell on the news, falling 45% to $0.21 per coin.
Crypto analysts say prices are suffering from the unstable macroeconomic environment as people are unwilling to take risks while inflation in the US and other countries is soaring. However, some experts believe that the global adoption of Bitcoin will increase as the geopolitical situation stabilizes.
