• Fri. May 24th, 2024

The Ups And Downs Of Royal Cryptocurrency

Alvin Hayes

ByAlvin Hayes

Oct 11, 2022

Given its history, the largest and the most valued cryptocurrency is known to have been undergoing many ups and downs in its long story. It has always been extremely volatile and its price has gone through many ups and downs. 

Bitcoin price history

Although the most popular and well-known crypto assets among all others, Bitcoin, has always had extreme volatility ranges, during the first four months it has been constantly disproving that stereotypical opinion and fluctuated in a relatively narrow range around $20,000, with the lowest price in mid-June. This situation, however, is now a potentially damaging indicator as the price of Bitcoin has never been so low since the year of 2020.

Following the Bloomberg report, the bandwidth has been narrowing steadily over the past two years, and it has shrunk by five times already. Exactly two years ago, in October 2020, Bitcoin reached its peak price – about $69,000 (which is currently the price record). And during the last twenty days its price has shrunk by 16 percent. 

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Bitcoin price changes in the past 5 months

Therefore, some financial data analysts view the narrowing of the Bitcoin volatile price as a sign for future decline. Bitcoin has fallen nearly 60 percent this year due to a wave of global monetary regulation tightening laws in various world countries. Nearly $2 trillion has disappeared from the cryptocurrency assets since it peaked in November 2021, prompting increased regulatory scrutiny. 

The effect of governmental regulations

Sisi Lu, the CEO of Venn Link Partners company stated, that any negative information about governmental regulations can lower the price of Bitcoin even more than it is lowering now. She predicts that the trading costs of Bitcoin will be volatile between 19 thousand and 24 thousand dollars.

Also, lots of investors are awaiting for the information on US inflation to be disclosed to the public this Thursday. A higher inflation figure could create more expectations that the U.S. Federal Reserve will raise interest rates even higher, potentially shaking a number of cryptoassets in the situation of a deep recession.

As of 6 a.m. on Monday in London, Bitcoin price underwent an insignificant change and now cryptocurrency costs about $19,450. Other coins such as Ether, Solana and Cardano are also having a hard time.

Alvin Hayes

Alvin Hayes

Alvin Hayes is a seasoned news writer known for his engaging storytelling and thorough research. With a commitment to accuracy and a captivating writing style, his articles provide readers with insightful and well-rounded perspectives on current events.

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