The digital currency market has seen significant fluctuations in recent days. Bitcoin reached a peak of $66,000 yesterday but has since plummeted by over $1,000. This price decrease is evident across most other digital currencies as well.
Earlier in July, Bitcoin fell below $54,000 but then resumed its upward trend, reaching $58,000. The failed attempt to assassinate Donald Trump, a supporter of digital currencies and a U.S. presidential candidate, caused Bitcoin’s price to spike to $63,000.
Increased investment in ETFs pushed its price higher to $66,000. However, the price has now returned below $65,000. The downward wave has surpassed Bitcoin and spread across the entire digital currency market. The steep drop in prices has wiped out $40 billion of market capitalization, reducing the total market value to $2.49 trillion. Investors face a serious challenge due to this market collapse.
