The value of Bitcoin is falling to record levels, almost 50% since November
Bitcoin has lost almost half of its value since its peak in November. Cryptocurrency prices continue to fall as large economies seek to curb their growing popularity.
And it’s not just Bitcoin, as cryptocurrencies have generally had a not-so-good start this year. Bitcoin has fallen over 8% in the last 24 hours of CoinDesk. The world’s most valuable cryptocurrency has fallen by over 20% since the beginning of the year.
Even Ethereum, the second most valuable cryptocurrency in the world, has fallen by more than 12% in the last 24 hours, a drop of almost 30% since the beginning of the new year.
This decline is also due to the policies of governments. A Reuters report says Russia's central bank has proposed a ban on the use and mining of cryptocurrencies. Russia is one of the largest crypto-mining countries in the world, but its central bank said digital currencies could pose a threat to the country's financial stability.
The Russian proposal comes just months after China launched a strong crackdown on cryptocurrencies, banning both trade and mining. In November India also said it was preparing to introduce a bill that would regulate digital currencies, although not much is known about that proposal yet.
However, experts say the price of bitcoin could reach more than $ 100,000 within the next five years.