The bitcointhe cryptocurrency better known and of greater value, another 8% collapses this Wednesday and is listed at 18,121.2 dollars, just when one year of its historical highs at almost 69,000, which translates into a cumulative loss of 73.7% of its value.
Yesterday, bitcoin and ether, the second by value, already fell sharply, between 9% and 13% after announcing Binancethe leading exchange platform for cryptocurrencies in the world, the acquisition of its competitor FTX.
Binance announced the purchase of FTX after a call for help due to the “liquidity crisis” that the latter is facing, as announced by the directors of both companies.
Bloomberg reported on Monday that FTX suffered a heavy withdrawal of funds after its competitor Binance announced its intention to sell all its positions in the digital asset FTT, owned by the former.
Binance’s announcement sparked rumors about the solvency of FTX and other companies linked to the latter that would have a large volume of FTT on their balance sheets, which has affected their price.
In addition to this episode, in the last twelve months bitcoin has sunk, affected by the poor performance of the stock markets, the slowdown in the economy that has followed the rise in interest rates, especially in the US, and the TerraUSD crash in spring.
In the session of November 9, 2021, bitcoin reached its maximum, at 68,991 dollars, boosted by the large amounts of liquidity that circulated in the markets thanks to the ultra-expansive monetary policies of the central banks, among other reasons.
Shortly after its high, it reversed its trend and started to pull back at the same time that the omicron variant of the coronavirus appeared, raising fears in the markets of further lockdowns.
The fall continued in January, a period in which it fell 17%, when the markets took it for granted that the central banks were going to start raising interest rates.
In the following three months the depreciation continued and in May came the collapse of TerraUSD that dragged down the entire sector and marked the beginning of what experts call the “crypto winter”a prolonged period of contraction in digital assets.
Meanwhile, the Federal Reserve (Fed) continued to raise interest rates and the European Central Bank (ECB) advanced that it would also raise them in the eurozone.
Between April 30 and June 30, bitcoin lost 51% of its value and on June 18, three days after the Fed decided the first increase of the year of 75 basis points, it touched the minimum of the year in $17,599.
Since then, it has stabilized around $20,000 and for some experts it could have bottomed out, as it has maintained that level after the latest rate hikes and the poor results of the third quarter of the technological.
The same experts in crypto assets point out that the sector has matured, the profile of investors is more diverse and the merger of ethereum could push digital currencies higher, although they also point out that high energy prices (necessary for mining) could add “pressure” and be a “challenge” in the future.
EFE International news agency based in Madrid and present in more than 110 countries.