{"id":36352,"date":"2022-06-15T21:27:49","date_gmt":"2022-06-15T21:27:49","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2022\/06\/15\/bitcoin-extends-slide-as-cryptocurrency-selloff-deepens\/"},"modified":"2022-06-15T21:27:49","modified_gmt":"2022-06-15T21:27:49","slug":"bitcoin-extends-slide-as-cryptocurrency-selloff-deepens","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2022\/06\/15\/bitcoin-extends-slide-as-cryptocurrency-selloff-deepens\/","title":{"rendered":"Bitcoin extends slide as cryptocurrency selloff deepens"},"content":{"rendered":"<section >\n<p>Bitcoin continued to fall on Wednesday, extending a strong sell-off in cryptocurrency prices. <\/p>\n<p>In the afternoon, bitcoin trading traded at $ 21,552, according to CoinMarketCap, a drop of nearly 70% since the digital currency hit an all-time high of more than $ 67,000 last November.  Analysts say the price has fallen as investors abandon the highly volatile cryptocurrency to more stable assets. <\/p>\n<p>Bitcoin and other cryptocurrencies rose last year as a growing number of Americans tried their luck, attracted by the breathless media coverage and reports of huge returns that some investors had achieved.  But now that <span >the Federal Reserve is raising interest rates<\/span> in order to combat rising inflation, the crypto\u2019s meteoric rise is beginning to plummet back to Earth, said crypto-skeptic Ben McKenzie.<\/p>\n<p>&#8220;Bitcoin only exists in a low interest rate environment,&#8221; McKenzie told Dan Patterson of CBS News.  &#8220;It&#8217;s pretty painful to see, but I guess that&#8217;s serious for you.&#8221;<\/p>\n<p>Investors began to attack cryptocurrencies this spring, with confidence in the industry further undermined when <span >terraUSD and luna stablecoins lost their reference value<\/span> of $ 1.  And sales skyrocketed earlier this week when cryptographic platforms <span >Binance and Celsius stopped operations<\/span>. <\/p>\n<p>The defeat has been wide and deep, with the value of ether, solana, tether and other important tokens following bitcoin down.  The total market value of cryptocurrencies fell below $ 1 trillion on Monday to $ 983 billion, the first time it has fallen below that mark since January 2021, according to CoinMarketCap.<\/p>\n<figure >\n<div >\n<div ><\/div>\n<p>    <iframe data-src=\"https:\/\/www.cbsnews.com\/embed\/video\/?v=fce559782857e623ff241b4c2b8809f01655328466#vVh7b9s4Ev8qhoD6j3NoU2%2FJC%2BPOeXWzjzRoWtwBcWFQFGVzo9eKkh039Xe%2FGUp%2BpYvL3nZ30TSkSM5wOL955tlgTV2UKdsY44SlSpwZsVhJLowxTNQj7BlnxkrGojDGz4asRaaM8cOzUW9KPLMqYtiXMUxNTj0vdhmxuGkRhzkRYb4dktBnVhg5oRU4DM5m5dN7kdwgxdvl8vrH%2B%2FrXMGf%2FeVK3V%2Bf13Q%2BLOI7f%2FrDkF87H7%2BF0UcmFzK9iWcsiB5JGwaJKmwXMa8GXa1bzJanXMieRTFM4xGQlFFGiJnVB4F1FkhCTkiIh66J6TIoK3nZm1LJOUf63IpO57H2oGlX36qIHBD2g6Jn0DYy9Y5JYPAIBTJImTXf0H0CGf6MM49754f4eCqR6IMQrPDnLi1xyln74c%2FjVMhOqZllpjE3PdazAcl2LUgrSNxVrdWhZ3uHzJxaJFO6l9tjxgEHafufwRIA1YwuhEHeFcC3rulTj2Wg2YgpEUdaQRyoXawU31pIPeZHNRssmmo3kbFTNRha1rNmIevDfno1smrge9ymxHJcSJwkDEprMIU7ku47jJBFnyWxUL5ssgjens5Hn0Cfbo7NRFHsx2JAVhiZPfNcMbTtMTN9yPDsIEyuYjVAOkjQKHkT%2BsFWQ%2Fd2w43jUdUgnwvCXcgG6Wf6WEuy%2FVgmmFdAn3wItcN90%2FMS1mes7dpIkvoho4pgejy2Ps5j%2FPVrYnhllBQFCrD9W6Yk6VJlC2BiyLF0MZQHqKUEBK3i7Dh6z0WvOPht1jGejQ8Q54l9WRTyEcKN3dkpv1d19wFWg8GWqXmrdonboWZZv2a7jgk71u6y5PpkxVYtqmNlNsLvW%2BvvvBdVnrIZ7WYlq1K45Gz2RrBSLj%2B9%2FghPNC3Wv1%2BtTYTo1%2F2HgtdqlusnKAiXbpwPIAJLr2I%2FmL5iI7dCmYLZowJaZkMD2GBHC80Of8tB2%2BCFCg4AEJUTnkaJiFV9CnnnA9Z5e%2FwTmxCqR1x%2FwlluWYQy8OL%2Fv3b6gOt%2B0mw%2BHXaBladqxa6%2F5BOYpSqmKGI6aIIZgSqcNE2USiwxuajeaEqxNqf0rgdOUc1g5Twv%2BuA%2BA6qMS1X0TKV7JSMT746osclVUu3NL8TS9FAlrUsSQnsE%2FQ6%2BeH1bt8Mxxz9wQNliM%2BkzW7e95KvPHE2z9hPr%2BcDVM1lmVDXNRgzfFs9ECTOifXMl48gyRGQhxvu0zla8nEOVt0%2Bxzhrv4e9tPUraYvLHOWcYjGETGKxhUWpd60Iu%2F1nqAhI9DErEY9zY5hyFvNAETtexnoq4mJrXs%2FuEucIykm7%2Bxp2%2BLYpGKy%2BnNxf30Zr6isL%2Bq8snD%2B%2Bnt5bufP%2FVB2%2BVklbHSxPvA%2BJ2%2BOhJ8VR4d%2Fm4Oj8ulAFXnc%2FCIOTzqjl7QC9ufXhKLXkDAvLr2yfTacsn51fnFueldXgfuVR9KFkCqRPeZg8dMtE5BujfWNfy88Jn%2BatGguvSw7avPk2cshEQ1V%2FKz2PaX4AivcCixDAIyHLZ97SqTZz1s%2B20dNXlux20feNfo55O1iPr4QqnmsARg6nHbf04yNQd3YJnafmdoz2CZTr8INFjIMexoRqA%2FY9wqEEuJ9owGH0MKwA%2FfA4R%2FgOAPEPoBAj9A2AcI%2BgAhHyDgA4R7gGBjjQZwg58A3mfG8R0IOfBsP8dfQY4yA%2BhwYockrCDwWCgi9AMNPPriiegI%2FinR1wYA%2B7%2FLBHShdmIE%2FytsYshH9FFxrRmgcJ%2Fx89gU0JnBGF7hVHY1cWcOxj52Gp1JGEfF9c4skK4zDFgF0%2Bhe3xqFBr01D516Dyd3xfkWluuK8UeZL7SpFJniRSX0HDKZTalLA6j4uNOG1tuDwNyDpX9gCIOPXM1VPV%2BgbF3IhhVWzhlCczsbTfdnOIq14qa5X9GqOeaNUi3aloEXTV5XEuvIBwjZUQqyphIpdCzdYpS9BhGudnG7C7GcaQTV%2F1t47uherziGLI7mTxk%2BPmue7qqiFFW9%2BVFAijIsxxcxcz3b9GPTdUInNC3bZrZnbD9p%2F2C6LAbN12KxwTmsLYu4TeEij7UKujSoUzMpVqICmyJlUTYpq9A8WnsB8SGdYGo69CXo3qWEyT6xPy2hyOBFmgreVgd7su7Iywsgob%2BwDamuchalIu4yIqtAe6mYNiB5hR3Zg8FomLiJgKLPN2Pi2J5NIpszkjixGzGWhLFr68x7TLpLzY%2FLCoAtyqWoer8Me1FVFI%2Fq6LRu%2BnybB5HFgCWlgjjQpZDIFZzYZmJ7VhjEXiQOst010SWoGBGB0opQj5huzzLHNBhbR0%2FYtU%2BRrHkh8554qgED6JhS0EyPqR6vNmVd8KaCYoNvoJNKU2yhYiEALHXEaAdJDgzqebe6d9xu%2B9AZS3UpViidjteL3QE0zjk2yxhOYHzZwMLS9xKLrAcjAww3umJDTeHOfYswHD7aa7c69hhTwcTlSvTaiKHji1avE8SBG3BOfDeIiWkKi4Qx9OOUmkEiAkZpRHcEXb11cksDBU93C%2Fam2BLKTKJ%2FO50M73RLvntKp6H7oqn4V8yiiuXxXRe0tHid486R0fygxn0ffMfqpbb6trDu8CRlBconpyASbGwpyVj1CHVth6iuYvfcXvYoXxXN33ILlIy6alUvUDw7%2BiB6qrsxrVsNsQDrilm1%2BS3q1wluYk3CbBvaCRGQANwG3AhcNuS%2BT2yPB8yKYsvVf21JfBqLwI5IZImkNQdmJ5RQKzTNwDEDHyrST63tdubwbVqZ3x04daoefxvHnd1f7lLnqfV%2F%2BfLlYEd49q6CMqnavG9rJpBB7rIFbCI6%2BgoIiRdp0cTvqoU2TJNe2qaFfy5xr69dP6RTJ6SXzuW%2FpnERgc3jHwBe5lajS65Gl11Py4Hfn10hmLPTXHrMads%2B61Sn3VsvdMY8WqwFS2WToYRYrMn0aLt7v8gxYGFbi6wzEUt2VygdnzrHFxn2Oq1R%2FKUupPPWqzf8CZ3tdvtf\" ><\/iframe><\/p><\/div><figcaption >\n<p>          <span ><br \/>\n            <svg viewbox=\"0 0 32 32\" aria-hidden=\"true\"><use xlink:href=\"#icon-video\"><\/use><\/svg><\/span><\/p>\n<p>          <span >TechWatch: Billionaire twins will lay off 10% of the workforce<\/span><\/p>\n<p>          <span >03:46<\/span><\/p>\n<\/figcaption><\/figure>\n<p>Most bitcoin buyers jumped on the bandwagon last year as the popularity of cryptography skyrocketed, McKenzie said.  Since then, many are likely to have lost money, the research suggests.  A May analysis by cryptocurrency firm Glassnode found that 40% of all bitcoin holders have lost money. <\/p>\n<p>Some Wall Street analysts are skeptical that cryptocurrencies will regain momentum anytime soon.  Oanda senior market analyst Craig Erlam said in a research note on Wednesday that bitcoin prices are likely to continue to fall as interest rates rise. <\/p>\n<p>\u201cBitcoin doesn\u2019t feel love right now, and I\u2019m struggling to imagine a scenario where that changes,\u201d he said.  &#8220;There may still be a belief that bitcoin may thrive in the future, but something it now offers just beyond speculative rallies will continue to struggle. What once seemed like solid support below $ 20,000 suddenly seems very much unstable &#8220;.<\/p>\n<p>Critics argue that the extreme volatility of cryptocurrency undermines its use as an investment and reserve of value.  Microsoft co-founder Bill Gates is among the doubters.<\/p>\n<p>\u201cI like investing in things that have valuable results,\u201d he said Tuesday at a TechCrunch event in California.  &#8220;The value of cryptography is just what another person decides that someone else will pay for it.&#8221; <\/p>\n<p><em>&#8211; Dan Patterson of CBS News contributed to this report<\/em><\/p>\n<p>    <!-- data-recirc-source=\"\" --><\/p>\n<style type=\"text\/css\">\n<p>      .component - recirculation-type .item: nth-child (5) {display: none;  } # inline-recirc-item - id-73c8b2aa-f00e-4654-b5ec-31f36298d6be, # right-rail-recirc-item - id-73c8b2aa-f00e-4654-b5ec-31f36298d6be;  } # inline-recirc-item - id-73c8b2aa-f00e-4654-b5ec-31f36298d6be \u200b\u200b~ .item: nth-child (5) {display: block;  }\n    <\/style>\n<p><!-- tags --><br \/>\n  <\/section>\n<p><a href=\"https:\/\/www.cbsnews.com\/news\/bitcoin-price-cryptocurrency-20000-market-selloff\/\">Source <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin continued to fall on Wednesday, extending a strong sell-off in cryptocurrency prices. In the afternoon, bitcoin trading traded at $ 21,552, according to CoinMarketCap, a drop of nearly 70% since the digital currency hit an all-time high of more than $ 67,000 last November. Analysts say the price has fallen as investors abandon the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[53],"tags":[],"class_list":["post-36352","post","type-post","status-publish","format-standard","hentry","category-economy"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v18.1 (Yoast SEO v18.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin extends slide as cryptocurrency selloff deepens - Tahrir News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tahrir2day.com\/news\/2022\/06\/15\/bitcoin-extends-slide-as-cryptocurrency-selloff-deepens\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin extends slide as cryptocurrency selloff deepens\" \/>\n<meta property=\"og:description\" content=\"Bitcoin continued to fall on Wednesday, extending a strong sell-off in cryptocurrency prices. In the afternoon, bitcoin trading traded at $ 21,552, according to CoinMarketCap, a drop of nearly 70% since the digital currency hit an all-time high of more than $ 67,000 last November. 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