Bitcoin on a tumble, cryptocurrency down 28 percent over the year

Prices of Bitcoin nosedived this year largely due to investors abandoning “riskier assets” due to the Russia Ukraine war and the United States Federal Reserve adopting a more hawkish policy (Representative Image)

Bitcoin, the world’s biggest cryptocurrency, is on a tumble down 28 percent this year so far. On a daily basis, it slipped four consecutive days, to notch $33,629.45 today, as per CoinMarketCap data. Market capitalisation is at $640,109,408,868 (-2.87 percent) and volume is at $35,739,822,477 (28.59 percent).

As per analysts and watchers, the Russia-Ukraine war and changing economic policies impacted the cryptocurrency market as investors flee to more stable havens.

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Notably, crypto coins are not alone in feeling the brunt. In association, Jack Dorsey’s Block Inc. on May 5 missed its Q4 market estimates on back of soft demand for Bitcoin and overall slump in crypto prices, Reuters reported.

The company lost over 50 percent revenue in Q1 to $1.73 billion after prices which skyrocketed during last year’s rallies tempered and now nosedived.

Bitcoin hit an all-time high of $67,549.74 on November 09, 2021. The swing has been wild, with the range from May 2021 to May 2022 being a steep $68,789.63 at the highest to $28,893.62 at its lowest.

Over the month so far, highs and lows have ranged from $43,376.38 to $33,714.43. For stakeholders, this is uncomfortably close to its last year’s low of $31,594.66 — recorded on June 26, 2021.

Prices of Bitcoin nosedived this year largely due to investors abandoning “riskier assets” due to the Russia Ukraine war and the United States Federal Reserve adopting a more hawkish policy, Reuters noted.