Bitcoin has steadied somewhat after a week of crashing spectacularly.
The coin was hit by a string of hits, leaving it down over 20% for the last week. It has since stopped dropping so dramatically but still fell over 4% during the last 24 hours.
The world's most popular cryptocurrency is still worth £25,187.27, which is a sharp decrease from its £51,000.00 high in November 2021.
Read more: What is bitcoin and how does it work? Here's everything you need to know about the digital currency
Bitcoin's fall has reverberated across the market, leaving other cryptocurrencies suffering even worse losses. Ethereum is down almost 30%, bringing its value to £1,674.61. This time last year it was hovering more around the £2,300 mark.
Meanwhile, Cardano is down 35%, valued at 72p.
What has bitcoin - and the market - crashed?
The cryptocurrency market is crashing thanks to a large-scale sell off by investors, who backed out as the US Federal Reserve announced its removal of the pandemic financial support package and signalled that higher interest rates were on the horizon.
This also comes after Russia announced plans to curb crypto mining and transactions in the state, following on from blanket bans in China and unrest in Kazakhstan that has caused a mass exodus of miners.
This latest crash is evident of how investors work the market at the moment: speculative buying and selling based on fluctuating market prices.
The sell-off triggered a drastic dip in the global crypto market, wiping $1.4 trillion of its market value.
It's hit the stock of big companies like Apple and Netflix, as well as Billionaires Elon Musk and Jeff Bezos.
As analysts warn that prices could continue to tumble, the drama has stoked fears that a 'crypto winter', or a prolonged bear market of continued price declines, is on the card.
The Crypto Winter of 2018 saw most cryptocurrencies lose 90% of their value.
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