The price of bitcoin has fallen significantly this month, with the value of the cryptocurrency reaching a 22-month low on Monday.
Bitcoin’s price has now dropped to $32,338.60 (30,627.89 euros) as of Monday evening, a slump which amounts to the cryptocurrency’s lowest value since July 2021.
The coin has dropped by nearly 15% so far in May, months after the price of bitcoin reached its peak of nearly $70,000 in November 2021.
The drop in value of what is likely the world’s most well known cryptocurrency comes as the prices of cryptos in general have fallen.
Like bitcoin, ether, also referred to as ethereum, has dropped in value recently. The sharp drop in crypto prices has resulted in anxiety amongst traders and the public alike, as Forbes reports that the crypto market has lost a massive sum of over $200 billion due to recent drops in value.
Value of bitcoin, cryptocurrencies drops
The stock market in general has been volatile in recent weeks, as the Nasdaq has also experienced major losses. It fell by 1.5% last week, and was down by 2.3% on Monday, reflecting a broader trend of decline to due inflation.
Bitcoin’s recent slump is even more pronounced than the drop in value the cryptocurrency experienced in January of this year, as the markets responded to the threat of war in Ukraine.
At the time, the crypto traded at $33,650, a drop which amounted to a whopping $130…
