Bitcoin loses over half its value as price drops to $30K
On Friday, the price of one bitcoin plummeted below $30,000, down from more than $64,000 in November. The sell-off is being fueled in part by increasing interest rates and 40-year-high inflation. Bitcoin, which enjoyed spectacular increases last year, has lost more than half its value in the previous six months. Since peaking at more over $64,000 in November, the price of one bitcoin has dropped by more than half. It was trading about $30,000 on Friday, after sliding as low as $26,000 earlier in the week. The sell-off is linked in part to increasing interest rates and inflation, which has put the larger stock market into a tailspin. However, those investors who purchased bitcoin during its most recent price surge may be shocked by the magnitude of its collapse. A slew of online narratives, some of which have been echoed in mainstream business publications, have declared bitcoin to be untethered from traditional investment markets, and even to be a reliable hedge ...