Good-Guy
VIP Contributor
Bitcoin and many other huge cryptocurrencies were considered as one of the greatest investment assets. It has been a record that the price of Bitcoin and many other major cryptocurrencies have improved each year, but this is something that has not happened this year. Since the year 2021, the prices of cryptocurrencies have repeatedly fluctuated and the market never actually recovered yet. Last year, the price of Bitcoin was more than $57,000, but now it has fluctuated to more than $37,000 and this means that the conditions are not that favourable for many investors because Bitcoin risks getting fluctuated even more due to unfavorable market conditions and overall attitude of investors towards the cryptocurrency assets.
I think that there are many major factors like pandemic, wars, financial instability, increase in interest rates, etc that could be termed as the primary reasons why the market is dying in such a way. One of the other reasons why cryptocurrency market is suffering is because investors no longer have that same urge to invest in these assets. Moreover, the sad thing is that the conflict between Russia and Ukraine has not resolved and it seemed that Bitcoin will remain down until or unless the world starts having a positive attitude towards Bitcoin and other coins.
I think that there are many major factors like pandemic, wars, financial instability, increase in interest rates, etc that could be termed as the primary reasons why the market is dying in such a way. One of the other reasons why cryptocurrency market is suffering is because investors no longer have that same urge to invest in these assets. Moreover, the sad thing is that the conflict between Russia and Ukraine has not resolved and it seemed that Bitcoin will remain down until or unless the world starts having a positive attitude towards Bitcoin and other coins.