The Great Fall of Bitcoin

 

  • On June 15, the Federal Reserve raised its key interest rate by three-quarters of a percentage point, the largest increase since 1994, and central bankers signalled that they will continue to hike aggressively this year to combat inflation. 
  • Despite this, Bitcoin fell below $20,000 for the first time since December 2020, as evidence of escalating stress in the crypto industry mounts against a backdrop of monetary tightening. Despite the ongoing DeFi crisis, digital assets remain under pressure. 
  • According to Bloomberg data, the largest token by market value fell more than 9% to $18,740.52 by early morning in London on Saturday, marking a record-breaking 12th consecutive day in the red.
  • Ether surpassed $1,000 before falling nearly 11% to $975.24, its lowest level since January 2021. Bitcoin has fallen for the past 12 days as investor anxiety grows. 

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