2021-06-13

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During this month, Bitcoin experienced the strongest fall from November 2018

2 min read

The authorities of different countries are increasingly talking about the need to regulate the cryptocurrency market, and in China and Iran have already begun active actions aimed at restricting the production and use of digital assets. Against the background of this, the cost of the largest cryptocurrency is gradually decreasing, and this month this trend can lead to the largest fall from November 2018.

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COINGECKO platform data say that as of Thursday, the largest cryptocurrencies have lost more than 7% per day. The cost of one Bitcoin at the time of writing news was $ 36.2 thousand, and for one Ethereum they gave $ 2510. Bitcoin reached a record high in April of this year, but since then the cryptocurrency lost more than 40% in price. For May, Bitcoin’s course fell by 34%. The last time this decline during the month was recorded in November 2018, when Bitcoin lost 37%. As for the “Ether”, the second in popularity of the cryptocurrency of the world reached a record high at the beginning of this month, but in recent weeks its course also decreased by 37.5%. The trend towards reducing the course touched and less popular cryptocurrencies.

The decline in the cryptocurrency market is due to statements of governments and regulatory bodies of different countries, which are increasingly talking about the need to introduce hard restrictions and rules to regulate this segment. Not so long ago, in Iran for several months, mining cryptocurrency was banned due to concerns about the fact that miners could cause electricity shortage in the country. Restrictions on mining cryptocurrency and conducting operations using digital assets this week introduced in China. The American regulator announced the readiness to prevent illegal activities in the digital assets market.

Current troubles do not mean that the cryptocurrency market will not be able to recover in the future. The source notes that, despite the high volatility of Bitcoin, many investors relate indifferent to the fall of the course and call it the ability to “buy on the decline”.

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