Bad news for Bitcoin, as its price has now dropped below $19,000.
According to CoinMarketCap, the largest crypto is currently trading at $18,794. This is its lowest value in two months. And the last time before this July that Bitcoin’s price fell below $19,000 was in November 2020.
The reason Bitcoin value is dropping concerns the overall adverse market conditions. Traders are selling due to the rising interest rates aimed at combating inflation. The news of Russia halting gas to Europe didn’t help either.
In fact, Bitcoin is one of the worst-performing coins right now, being down almost 5% in 24 hours. Other biggest losers are Polkadot and Cardano, suffering similar drops of about 5%.