Cryptocurrency market confronts prolonged drop amid Bitcoin's volatility

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(MENAFN) Wednesday, May 15, 2024, witnessed a collective downturn in the digital currency market, marking a continued period of subdued performance for digital assets. This decline represents the longest stretch of losses experienced since October 2023, with the market shedding over USD103 billion in value over the past 72 hours of trading.

Bitcoin, the flagship cryptocurrency, faced significant pressure as its price plummeted to USD57,000 from a high of USD73,000 recorded in mid-March. The announcement of the Bitcoin halving triggered a downward spiral, with the digital currency enduring five consecutive days of declines. Moreover, investment flows into Bitcoin funds traded on the American stock exchange dwindled amidst heightened market volatility.

Adding to the market’s woes is the looming prospect of prolonged interest rate hikes in the United States, which casts a shadow over the prospects of digital assets. This uncertainty surrounding US monetary policy exerts downward pressure on digital currency prices, exacerbating the prevailing market downturn.

During Wednesday’s trading session, the price of Bitcoin registered a 0.93 percent decrease, settling at USD61,931 thousand, while the cryptocurrency’s market capitalization hovered around USD1.22 trillion. Over the course of the past seven days, Bitcoin has experienced a decline of approximately 1.41 percent in its value, underscoring the persistent challenges confronting digital currency investors amidst ongoing market volatility and macroeconomic uncertainties. 

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