After rallying spectacularly in 2021, Bitcoin and other cryptocurrencies have seen a steep fall. Since November 2021, when Bitcoin hit its all-time high of $68,789, it has lost one-third of its value to reach the current price of $22,948. Ethereum, another popular crypto currency, has seen a fall of more than 65% since November to reach the present price of $1,724 (as of July 28, 2022).
Triggers driving the crypto crash
Industry insiders blame the recent crypto crash on major sell-offby investors, owing to rising interest rates. High inflation and economic uncertainty caused by Russia’s invasion of Ukraine are also responsible for the current crash in the crypto market. Other factors include the fall of well-known crypto projects including Terra LUNA and Celsius.
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