Crypto: Craze of the crypto ending? Bitcoin, Ethereum rate dropped so much in a month

What Is Cryptocurrency And How Does It Work?

Investors from all over the world are withdrawing money from cryptocurrencies rapidly in recent times. In the first week of 2022 alone, investors withdrew a record $207 million (about Rs 1,526.69 crore) from cryptocurrency-related investment products and funds. Investors are exiting by selling their investments at a time when the prices of major cryptocurrencies are continuously falling.

Investors selling crypto assets for four weeks

A Reuters report quoted digital asset manager CoinShares as saying that this is the fourth consecutive week since December that investors have withdrawn money from cryptocurrencies. These investors have sold cryptocurrencies worth $ 465 million during these four weeks.

The price of bitcoin fell by 20% in a month

Bitcoin has suffered the most due to this trend. $107 million worth of bitcoins has been sold during the past week. Bitcoin is the largest cryptocurrency by map. Four weeks ago i.e. on December 12, the price of bitcoin was above 50 thousand dollars. Since then, the rate of bitcoin has fallen drastically by about 20 per cent. Now its rate has come down to around 42 thousand dollars.

Ethereum’s rate fell below $ 1000

Similarly, $39 million has been withdrawn from Ethereum, the second-largest cryptocurrency, in a week. Investors have emptied $200 million worth of Ethereum from their wallets in about a month. It has fallen more than bitcoin during this period. A month ago it was around $ 4,200, which has now come down to less than $ 1000. In this way, the rate of Ethereum has dropped by about 22 percent in a month.

Due to this the craze of crypto decreased

CoinShares believes that the craze of cryptocurrencies has decreased due to the US Central Bank Federal Reserve. The Federal Reserve is concerned about rising inflation. Due to this, the Federal Reserve can return to the path of raising rates faster than expected. If this happens, there will be less liquidity in the market and investors will be short of money to invest in cryptocurrencies.

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