ALBAWABA – Bitcoin, the digital cryptocurrency, recorded a massive decrease at $55,400. This decline is the worst since the FTX Bankruptcy in 2022, Bitcoin is undergoing great pressure and risks in global markets.
Bitcoin records a major decline
The digital cryptocurrency fell 6.3% to $55,414 today after declining 13.1% in the past seven days. This decline is marked the biggest since FTX Bankruptcy in 2022, Ether and Dogecoin cryptocurrencies also suffered great losses.
These major declines are mainly caused by the global shares intensive sell-off in the past few weeks, which was derived from global economic concerns and recent tensions in the Middle East.
The digital cryptocurrency fell 6.3% to $55,414 today after declining 13.1% in the past seven days. (Shutterstock)
According to Bloomberg, Bitcoin exchange funds had big outflows on the first of August and its digital assets declined for 200 consecutive days.
Bitcoin and the recent changes globally
It is worth noting that Bitcoin recorded a massive increase in March by reaching $73,798. The US presential race is also impacting the digital cryptocurrency market, as Donald Trump is supporting Bitcoin while Kamala Harris has not yet made a clear comment on the digital asset policy.
Bitcoin showed a 27% massive slowout in the past few months while gold recorded an 18% increase in its prices and global stocks recorded an increase of 9%.
