Bitcoin is trading at $21, 974 (£18,000). It’s fallen 25% in the past five days alone, to its lowest value in 18 months. Its peak of almost $70,000, in November.
Experts say this is because of the wider global climate. It’s not just in the crypto world things are not looking good. Recession looms, inflation is soaring, interest rates are rising and living costs are biting. Stock markets are wobbling too, with the US S&P 500 now in a bear market (down 20% from its recent high).
As a result, even the big investors are less free with their money. And many ordinary investors – not rich hedge-fund owners or corporations but people like you and me – have less to invest in anything, full stop.
In order to stabilise it, people who still have Bitcoin would need to hold on to it and others would need to start buying it again. This has happened before. Crypto fans will tell you now is a great time to buy, because it’s cheap – and you then have to sit tight and watch it turn the corner. This is how it’s always worked.
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