Bitcoin collapses, prices fall by half

Popular cryptocurrency Bitcoin has started a storm of price declines. Today, the price of this currency has decreased by about 5 percent in one day. The currency has lost more than 10 percent in the last one week. And in the last six months, the price has dropped by about 50 percent.

News from CNBC, BBC and Quenteligraph.

According to the news, the price of bitcoin has dropped by 5 percent to 32,650 in the last 24 hours.

Bitcoin peaked at 8,990 in November last year. As a result, the value of the currency has decreased by 36,340 dollars or 52.6 percent in six months.

There is no regulatory body for any cryptocurrency, including Bitcoin. For this reason, the acceptability of this currency is questionable. The use of cryptocurrency is banned in many countries of the world. Even then, the value of other currencies, including Bitcoin, has risen sharply since last November. As a result, the fall in the value of this currency became inevitable. Added to this is the sharp fall and instability of the world capital markets.

The blue-chip index Dow Jones Industrial Average (DJIA) fell 1,000 points on Thursday (May 5). Nasdaq's share price fell as much as 5 percent. It takes a big push in cryptocurrency. From that day onwards, these currencies also continued to decline.

The country's central bank raised benchmark interest rates by 50 basis points on Wednesday (May 4th) amid market volatility. The bank has taken this step to curb inflation in the global economy, which has been plagued by the Corona epidemic and the Russia-Ukraine war. As a result, the US capital market fell sharply on Thursday. The market had a similar trend on Friday.

Meanwhile, Vijay Iyer, vice president of corporate development and international at Crypto Exchange Luno, said that the overall market is in a state of panic due to inflation and rising prices.

He also fears that if the price of Bitcoin drops below 30,000, it could drop to 25,000 without any foreshadowing.

The market capitalization of the global cryptocurrency was  1.6 trillion, or  16 billion, on Sunday (May 8th). The latest cryptocurrency transaction was worth 119 billion, according to Koenigikod.com. .

In the global cryptocurrency market, the market capitalization has dropped to 1.54 trillion due to the terrible depreciation. In just 24 hours, digital currencies have lost 2.28 percent of their value, according to market analyst Coin Market Capital on Monday (May 9th).

According to the report, the top 10 cryptocurrency currencies in the market crashed today. In the 24 hours before the collapse, the global crypto market was quite strongAt that time, the price of crypto increased by 3.18 percent and the financial value stood at about 96 (98.96) billion dollars. According to the Financial Express.

Among the top cryptocurrencies that declined in 24 hours, Ethereum (ETH) fell 3.41 percent, Benson (BNB) 3.13 percent, XRP (XRP) 0.55 percent, Solanar (SOL) 13.41 percent, and Cardano ( ADA) 4.21 percent, Terra (Luna or Luna) 3.61 percent and popular mimicain 'Dogicoin' 2.61Percent and Shiva Inu (SHIB) 4.96 percent.