The price of the most popular cryptocurrency had plunged as much as 9.7% to less than $18,600 by late afternoon on the East Coast, according to the cryptocurrency news site CoinDesk. At some points during the day, it was below $18,000.
Investors are selling off riskier assets because central banks are raising interest rates to combat quickening inflation. Higher rates can help bring down inflation, but they also heighten the chances of a recession by increasing borrowing costs for consumers and businesses and pushing down prices for stocks, and other investments like cryptocurrencies.
Cesare Fracassi, a finance professor at the University of Texas at Austin who leads the school’s Blockchain Initiative, believes bitcoin's fall under the psychological threshold isn't a big deal. Instead, he said the focus should be on recent news from lending platforms. Cryptocurrency exchange platform Coinbase announced Tuesday that it had laid off about 18% of its workforce, with CEO and cofounder Brian Armstrong placing some of the blame on a coming “crypto winter.”
Source: Digital Coin News (digitalcoinnews.net)
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