Amid the decline in global stock markets, bitcoin hit a new low

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amid the decline in global stock markets, bitcoin hit a new low
amid the decline in global stock markets, bitcoin hit a new low

As a result of global financial markets, the bitcoin rate fell to a new two-month low point. On Thursday, August 17, the price of the cryptocurrency fell by

As a result of global financial markets, the bitcoin rate fell to a new two-month low point.

On Thursday, August 17, the value of the cryptocurrency fell by 7.2%, which is the largest daily decline since November 2022, when the leading exchange FTX also suffered losses.

On Friday, the price of bitcoin fell to $26,172, which was the lowest level since mid-June.

Sell-offs hit global financial markets as major Wall Street indices ended Thursday lower and Asian equities suffered losses for the third week on worries about the Chinese economy and fears that US rates will stay high for a long time. in relation to the stability of the economy.

Joseph Edwards, chief analyst at Enigma Securities, attributed the fall in the price of bitcoin to low volatility and a lack of enthusiasm among individual investors. Bitcoin has hovered around $30,000 in recent months.

It is important to note that bitcoin is a highly volatile and risky asset. Its value can fluctuate by more than 10% within one day.

The National Bank of Ukraine does not consider cryptocurrency as a means of payment. As Ekaterina Rozhkova, First Deputy Governor of the National Bank, emphasized, there have already been cases of serious market shocks in the US, when cryptocurrencies, which should have been backed by physical dollars, turned out to be without collateral, which represented significant risks.