Bitcoin experienced its worst month ever in June, business channel CNBC reported on Friday. The value of the cryptocurrency fell by about 38 percent, while other cryptocurrencies also lost a lot.
The fall in value is part of a broader loss of confidence in the financial markets. Stock markets have been in the red for some time, but the losses in cryptoland are even greater.
One of the reasons for this is the higher interest rates charged as a result of central bank interventions. This makes borrowing money more expensive, so that investors make less risky investments. Cryptocurrencies are generally seen as risky.
As a result, stablecoin TerraUSD and sister coin Luna, among others, crashed in May. Crypto companies are now also starting to feel the pain of the so-called ‘crypto crash’ and are cutting jobs, causing even more uncertainty in the market.
The bitcoin price has now been hovering around the price of 20,000 dollars (19,200 euros), while the rate opened in June at 31,730 dollars. At around 3 p.m. Friday, a bitcoin is worth $ 19,260.
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