Bitcoin price went down below $34.000 for the first time since July. In the last 7 days, BTC fell by over 21% and hit its lowest level of $33.100 today. At the moment, the coin trades for about $33.500.
Related: El Salvador Adds 410 Bitcoins to Its Holdings
Bitcoin is about 51% down from its all-time high of $68.789 reached on Nov. 10, 2021. Most of the crypto assets saw a price decline.
The second largest coin by market cap, Ether fell by around 32% in the last 7 days and currently trades for around $2.190. The entire global market cap currently stands at $1.5 trillion.
As a result of the current economic situation has had an impact on the stock market and cryptocurrencies, causing price declines. Meanwhile, gold has reached its two-month high. U.S. gold futures increased to $1,840.70. Among the reasons for the drop of cryptocurrencies are pandemics and growing inflation.