Tuesday, June 6

The value of cryptocurrencies plummets

Bitcoin, the most traded cryptocurrency in the world, has plummeted more than 9.5% this Saturday and is trading today below 31,000 euros. A drop that adds to the one experienced on Friday, when it already fell 7.2% compared to the previous day and the price was around 35,000 euros.

The value of this digital asset has marked its lowest these days since the beginning of August 201, after learning that the Central Bank of Russia wants to prohibit both the sale and the mining of cryptocurrencies. Mining is the result of performing a series of computer equations while connected to the network, a process that consumes a large amount of energy and is used by most cryptocurrencies.

Cryptocurrencies with assets with a very volatile value, which usually respond with increases or decreases to any news related to them. For this reason, bitcoin has not been the only one to suffer a sharp drop after the Russian announcement. Ethereum, another of the most important, has also fallen sharply. If on Friday it experienced a drop of 9.9%, to 2,446 euros, this Saturday it has fallen another 15% compared to the previous day. At 4:45 p.m., it was trading at 2,125 euros.

If bitcoin and ethereum are the ones with the highest value, other less popular cryptocurrencies have also experienced significant falls this day. Binance Coin has fallen 15%, to 317 euros; Solana stands at 83 euros, almost 23% less than this Friday; and the price of Ripple and Dogcoin has dropped by around 16%, to 0.5 and 0.1 euros, respectively.

The bitcoin market has also been influenced in recent hours by the possibility that the US Federal Reserve (Fed) will tighten its monetary policy to combat inflation, which is leading many investors to dump shares of the technology companies.