In a few days, the main virtual currencies present on the internet have lost an average of 20% of their value.
In recent years, the dazzling success of cryptocurrencies converted them to real internet treasure. These virtual currencies are purely electronic, therefore dematerialized, and do not depend on any official financial institution.
It is not uncommon for the price of these “internet currencies” to fluctuate significantly. However, the recent fall in value cryptocurrencies could be exceptional.
The situation in a few figures
On average, cryptocurrencies would have lost approximately 20% of their valueas shown on the CoinGecko site.
the Bitcoinwhich remains the best-known virtual currency, is experiencing a drop in its price from 50%. A single bitcoin was worth more than €58,000 in novemberagainst barely 29,000 euros today.
A cryptocurrency called Lunawhich was previously among the top 10 virtual currencies in the world, lost almost 100% of its value. At the beginning of April, one unit was worth close to 107 euroswhile today it represents only 0.00003008 euros.
Some even speak of disappearance of Luna.
Why such a sudden drop?
As BFMTV explains, it is in particular the fall of bitcoin considered the “patroness of cryptocurrencies”, which would have led to the forfeiture of others.
Moreover, the recent pessimistic economic context weakened these already uncertain currencies. They are also impacted by the hardening of the Monetary Policy of the Federal Reserve (Fed), who is currently battling theinflation.
The cryptocurrencies are also increasingly linked to Nasdaqthe US stock market index for technology companies such as Google or Meta. And lately the Nasdaq has seen a loss of 4%which therefore had an impact on the market for virtual currencies.
What future for cryptocurrency?
Currently, the future of cryptocurrencies remains fragile and uncertain. Many are using this crisis to denounce the volatility of virtual currencies, and the speculative bubble that they generate.
However, this is not the first time that cryptocurrencies have faced a downturn. As FranceInfo indicates, in 2021, the Bitcoin had already experienced a decline in 30%. However, they have never reached such magnitude.
It would therefore not be impossible for virtual currencies regain their value in the coming weeks…
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