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

Bitcoin's value plummeted to a two-month low due to global financial markets.

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On August 17, the cryptocurrency's value dropped by 7.2%, the largest fall since November 2022.

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By Friday, bitcoin reached $26,172, marking its lowest level since mid-June.

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Global financial sell-offs, concerns about the Chinese economy, and fears of sustained high US interest rates impacted the decline.

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Enigma Securities' Joseph Edwards attributed the drop to low volatility and investor apathy.

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Bitcoin's value is known for its extreme volatility, with fluctuations of over 10% in a single day.

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The National Bank of Ukraine does not recognize cryptocurrency as a payment method, citing risks and market shocks.

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