Cryptos crash amid recession fears

Cryptos crash amid recession fears

Bitcoin, the world’s largest cryptocurrency by market value, dropped below $33,000 during Monday trading, according to data from cryptocurrency news portal CoinDesk, losing half of its value since its peak six months ago.

At 10:55 GMT, it was down nearly 5.5%, trading at $32,800, the lowest level since last July. Bitcoin hit an all-time high of $68,990 in November.

The dip comes as part of a wider crypto market collapse, which has wiped out almost $300 billion from the value of cryptocurrencies over the last four days.

The second-largest coin, Ethereum, is down by 13% since last week, Solana – by more than 16%, and Terra (LUNA) – by more than 25%.

Panic over soaring consumer prices and fears over the impact the crisis in Ukraine will have on the world economy have been named as reasons behind the crypto market crash, which is accompanied by a wider drop in stock markets around the world.

Last week, central banks in the US, UK, and other nations raised interest rates in an attempt to curb inflation, which has been rising at the fastest pace in decades, leading to warnings of recession.

For more stories on economy & finance visit RT's business section

Source: www.rt.com

The last notes - Экономика

most read news

#Экономика

Electricity prices in Germany are expected to jump to record highs next year, the Neue Osnabrucker Zeitung newspaper reported on Friday, citing the country’s local public utilities association
подробнее...

Despite accelerated efforts by Western states to wean their economies off Russian oil and gas, it may take years to replace them, the head of the World Bank has warned.“Under current policies global
подробнее...

The Russian budget will be in deficit from 2023 to 2025, Prime Minister Mikhail Mishustin said at a government meeting on Thursday.“During the entire period, the budget will be in deficit, the main
подробнее...

Over 15,000 German stores are facing bankruptcy due to soaring energy costs, Der Spiegel reported on Friday, citing the German Retail Association (HDE).According to the report, the HDE wrote a letter
подробнее...

Japanese automaker Toyota has decided to shut down its plant in St. Petersburg, Russia's Ministry of Industry and Trade said in a statement on Friday.The company vowed to fulfill all of its social
подробнее...

The German government will take control of Securing Energy for Europe (SEFE), formerly Gazprom Germania, a subsidiary of Russian energy giant Gazprom, Der Spiegel reported on Thursday, citing its
подробнее...

The Central Bank of Russia (CBR) is considering creating a compensation fund for local investors whose assets have been frozen by Western nations, Governor Elvira Nabiullina said on Thursday during
подробнее...

Nicaragua is ready to explore the use of the Mir payment system, developed by Moscow in response to Western sanctions, and allow the use of Russian credit and debit cards in the country, its minister
подробнее...

The share of Russian gas in the European Union market has plummeted from 50% to 9% since the beginning of the current year, French President Emmanuel Macron said on Monday. Russian gas imports by EU
подробнее...

Tax cuts announced by the UK government last week should be reevaluated, International Monetary Fund (IMF) analysts have warned, saying the measure offers poor prospects for the Bank of England in the
подробнее...

One of Russia’s top banks, VTB has become the first lender in the country to launch money transfers to China in yuan, sidestepping the Western-controlled global financial messaging system SWIFT.“The
подробнее...

EU ambassadors may soften restrictions on some Russian products, Politico reported on Wednesday, citing senior officials and diplomats. The ambassadors are expected to discuss an eighth round of
подробнее...

The proposal by the EU to place a price cap on Russian natural gas imports is a foolish, non-market-oriented plan that has no future, Russian President Vladimir Putin said on Wednesday.“Faced with
подробнее...

Pressure in the Nord Stream 2 undersea gas pipeline, which was intended to pump gas from Russia to Germany, dropped from 300 to 7 bars overnight, a spokesperson for the pipeline's operator said on
подробнее...

The intense pressure placed on Russia by Western sanctions has forced the country to ramp up efforts to launch new factories and enterprises, according to Executive Director of the Russian-Chinese
подробнее...

The European Commission President Ursula von der Leyen proposed fresh anti-Russia sanctions on Wednesday. These included tighter trade restrictions, more individual blacklistings and an oil price cap
подробнее...

Major European ports have signaled their readiness to facilitate the export of Russian fertilizers, UN Secretary-General Antonio Guterres said in an interview with RIA Novosti, published on
подробнее...

The Moldovan government has launched a special website which will help citizens find firewood to heat their homes, authorities announced this week.“The site provides information about the nearest
подробнее...