Why bitcoin and cryptocurrency prices are declining rapidly

 Why bitcoin and cryptocurrency prices are declining rapidly

Bitcoin and crypto tokens are declining as global shares are also declining

Bitcoin and crypto tkens are declining as global stocks decline, officials say. Photo by Alex Cochran, Deseret News

Many cryptocurrencies - including Bitcoin - fell sharply on Thursday as global stocks continued to fall, CNBC reported.

Bitcoin - which cost $ 43,058.75 on Thursday morning - dropped as low as $ 42,496 in the last 24 hours, according to CNBC.

Similarly, Ethereum dropped 12% to $ 3,411.92.

The cryptocurrency Solana dropped by 12% to $ 148.58.

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The decline in cryptocurrency coins comes as the Federal Reserve has indicated that officials are seeing a possible increase in interest rates by 2022, according to The Wall Street Journal.

"As prices rise, flexible holding of low-yield investment will improve compared to government bonds," reports the WSJ.

Experts say a sharp decline is a sign that secret money is a risky investment for many, according to each MarketWatch.

"This is proof that bitcoin acts as an asset at risk," Noelle Acheson, head of market information for crypto lenders Genesis Global Trading, told the Wall Street Journal. "Temporary owners, they are the ones who trade and they will be close to exit."

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