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Digital currencies: Crypto prices are plummeting – Bitcoin falls below $58,000

Digital currencies: Crypto prices are plummeting – Bitcoin falls below $58,000

The rally in digital currencies since the beginning of the year has so far pleased many investors. But the courses also have a different direction.

The prices of the most important digital currencies collapsed across the board on Walpurgis Night. The value of Bitcoin was just over $57,000 on the Bitfinex trading platform on Wednesday. On Tuesday it still cost $64,000. Since peaking at almost $74,000 in mid-March, the largest and oldest cryptocurrency has lost around 22 percent of its value.

In the shadow of Bitcoin, other cryptocurrencies also lost value. The second largest cryptocurrency, Ether, slipped below the $3,000 threshold. On a weekly basis, Ether lost around eight percent and thus held up slightly better than Bitcoin, which lost over ten percent during this period.

The Bitcoin rally earlier this year was sparked by investors pouring billions into a new class of exchange-traded funds (ETF) that hold the Bitcoin token. However, Bitcoin ETF inflows have slowed recently – some of them even experienced large outflows. However, in the medium and long term, many Bitcoin investors are in the black: Bitcoin has still risen by almost 40 percent since the beginning of the year.

Source: Stern

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