According to CNBC on May 12th, Bitcoin fell below $26,000 for the first time in 16 months, amid a broader sell-off in cryptocurrencies that erased more than $200 billion from the entire market in a single day.
According to Coin Metrics, the price of bitcoin plunged to as low as $25,401.29 that day, which marked the first time the cryptocurrency has sunk below the $26,000 level since Dec. 26, 2020. Moreover, the second biggest digital currency, Ether, tanked to as low as $1704.5, which was the first time the token has fallen below the $2,000 mark since June 2021. Likewise, the embattled Tether, the world’s biggest stable coin, also dropped below its $1 peg on Thursday, at one point sinking to 95 cents.
To ensure fund security, investors are accelerating their withdrawals from the cryptocurrency market due to fears over the sharp monetary tightening of the US, the soaring inflation, and a deteriorating economic outlook.
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