Cryptocurrencies, including Bitcoin, are plummeting in value in a new digital currency crisis, as panicked speculators liquidate assets ahead of the US Federal Reserve’s projected interest rate hike today.
New Lows
Bitcoin plunged to a record 18-month low Wednesday morning, as the ongoing drop in crypto markets showed no signs of abating. Traders are keeping a close eye on the price to see whether it drops below the $20,000 level.
Keeping On Dropping
The recent crisis is the latest in a series for Bitcoin, which has lost more than 60% of its value in the last seven months and wiped out hundreds of billions of dollars from the whole cryptocurrency market this week.
Many experts believe that if authorities want to keep prices in check and avoid stagflation, they must act now. Seeing as how things are still not going well for the crypto market, it would take a lot more time before things lighten up.
