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Crypto Collapse

by Chirag Sharma
Crypto Collapse

Bitcoin’s price collapse on Friday has reverberated throughout the crypto market, with leading cryptocurrencies continuing to suffer losses at the start of the week.

BTC fell more than $10,000 between Friday and Monday, reaching as low as $33,184, according to CoinMarketCap’s price index.

The losses mean the world’s most valuable cryptocurrency is now worth less than half the record peak it experienced in November.

Bitcoin fell from a record price high of $68,000 in November 2021, to below $35,000 by late January 2022.

The overall market is down by a similar margin, with $1.5 trillion wiped from it in just two months. It has led to fears that a ‘Crypto Winter’ is underway, similar to the ones seen following the 2013 and 2017 bull markets.

Ethereum (ETH), Cardano (ADA), Binance Coin (BNB) and Ripple (XRP) have all failed to recover from the crash, though analysts are divided over which way the market is heading from here.

Are cryptocurrencies regarded as a safe investment?
•    Yes
•    No