Prices of most major cryptocurrencies have taken a hit amidst slowdown in conventional stock markets. On Friday, the leading tokens Bitcoin, Ethereum and Dogecoin were down by up to 10%. Experts claimed the slowdown is an effect of the market projections that are speculating a sluggish growth in the US economy in the aftermath of Covid 19 pandemic.
Bitcoin prices have been hovering around the $35,000 mark for the past few weeks. They are nearly half of what they were in April when Bitcoin hit an all-time-high. China’s active crackdown on Bitcoin mining and cryptocurrencies in general has led to a massive fall in prices of all leading tokens.
On Thursday, Bitcoin had slumped below the $33,000 mark and the downward trend continued well into Friday. At the time of writing the article, Bitcoin is exchanging ownership slightly above the $32,000 mark.
While the extreme market volatility continues to haunt cryptocurrency investors, it is not a new phenomenon. However, the massive drop on prices since April 2021, has been worrying even seasoned investors. But if we are to look at how the bitcoins and the industry itself has advanced from the previous year we see a host of positive developments. Most important of all, top institutional investors are now more open about endorsing cryptocurrencies than they were earlier.
