The era of digital currency is going on in the country and abroad, which is a means of financial transactions and thousands of millions of people have earned a lot of money by investing in it. However, in the recent past, it has been observed that investors are increasingly withdrawing their money from cryptocurrencies. It was told that in the first week of the year itself, $ 207 million (about Rs 1,526.69 crore) was withdrawn from crypto. According to CoinShares, it was the fourth consecutive week since December that people withdrew money from cryptocurrencies. According to the report, investors have sold $465 million worth of cryptocurrencies over the course of four weeks.
According to CoinShares, the US central bank, the Federal Reserve, has reduced people’s interest in cryptocurrencies somewhat. It was told that the Federal Reserve has expressed concern about rising inflation and due to this the Federal Reserve may return to the path of raising rates more rapidly. If this happens, the liquidity in the market will decrease and there will be less money in people’s pockets to invest in crypto.
bitcoin price so low
If we talk about the most talked about crypto of this time, then bitcoin has suffered the most here. It was reported that $107 million worth of bitcoins were sold during the past week. Let us tell you that in the early days of December, the price of bitcoin was above 50 thousand dollars. However, after that there was a significant reduction in the rate and till now it has registered a huge decline of about 20 percent. Now the rate of bitcoin has fallen to around 42 thousand dollars.
Ethereum’s rate also fell down
People have also withdrawn a lot of money from Ethereum, which is considered to be the second largest cryptocurrency. In about a month, investors were reported to have sold $200 million worth of Ethereum from their accounts. Its price has fallen more than bitcoin. A month ago its rate was around $ 4,200, which is now reported below $ 1000. Ethereum’s rate has fallen by about 22 percent in a month.
first published:Jan. 12, 2022, 11:43 a.m.