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BANKING & FINANCE: Bitcoin continues to fall as it drops 50% since 2021 peak - Analysis

Bitcoin continues to fall as it drops 50% since 2021 peak - Analysis
Posted By: GEO´ Newsdesk Team - Gibraltar | Analysis by Iain Fraser

The virtual currency dropped below $34,000 (€32,340.40 Euro) over the weekend wiping out its value by some 50% since its peak in November last year according to Cointelegraph - currently trading at $33,670 (€32,000 Euro) at the time of posting. (05052022 at 09:30 CET)

The slide in the value of digital assets comes as global stock markets also struggle with some Asian markets have already headed lower with Japan's benchmark Nikkei index down by around 2% this morning as they struggle to offset global geopolitical factors not least Russia´s illegal invasion in Ukraine.

Bitcoin accounts for about a third of the cryptocurrency market with a total value of $636bn, Ethereum, the second biggest cryptocurrency in the world, has also fallen in value, down by more than 10% in the last week.

Bitcoin’s monetary policy is enforced through a unique blend of software, cryptography and financial incentives rather than the whim of trusted third parties. The Bitcoin network is powered by a cryptographically secure, verifiable database called the blockchain — itself a technological phenomenon. Learn More - Register Free to receive our full analysis direct to your inbox or smart device. 

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