Bitcoin price is tumbling yet again as analysts and traders are panicking about what some analysts call a looming recession on the horizon. Bitcoin is currently trading at $30,884 which is a far cry from $66,938 in November.
Other cryptocurrencies such as Ethereum – $2,300, and Solana – $66 are trading below their all-time highs.
This year has been a horrible year within the financial markets. Crypto hasn’t been immune to this impact. Even though inflation is still rising, a large part of the population still doesn’t see cryptocurrencies as a “safe haven” to stash their cash.
Even though it is marketed as such, we are still way off. Some analysts are predicting that it might get lower if retail trader sentiment decreases and they start to pull their cash out of the pile.
Even though we are slowly coming out of a crisis, we are still in yet another one with the current war in Ukraine. Sanctions on Russia and the further destruction of Ukraine, this has affected global prices in terms of oil, wheat, gas, etc. Situations might further spiral out of control economically if there is no diplomatic solution to the conflict.
