Cryptocurrency holders faced a major market crash in the spring of 2022. After Bitcoin, the leading crypto asset, all other currencies lost their value sharply. Investors panicked and started to withdraw their savings in large amounts, reading a snowball effect. On the other hand, many investors see great future opportunities in this market decline. In this article, we discuss what is affecting the cryptocurrency market and where to keep track of crypto rates.
What is Happening to Cryptocurrency Prices Now?
In the spring of 2022, we saw the cryptocurrency market crash. Bitcoin was the first to collapse. The main reasons are as follows:
- The background to the news always has a significant impact on cryptocurrency markers. Just as optimistic celebrity predictions can drive prices higher, a negative news backdrop can cause prices to fall rapidly. Investors reacted to rising inflation by selling coins in large quantities, leading to further panic and a fall in prices.
- The US Federal Reserve decided to raise interest rates by 0.50%. That was the biggest hike since 2000, causing panic and inflation, pushing the BTC price down
- Technical problems at Binance, the most popular cryptocurrency exchange, caused BTC withdrawals to be blocked for some time in June. That was another reason for cryptocurrency prices live decline.
In general, cryptocurrency prices depend on several factors, such as the current global situation, inflation and the crisis. In addition, investor sentiment directly affects supply and demand, moving the market up and down.
In November 2022, the cryptocurrency market looks stable. After the price crash, cryptocurrencies did not rise much. However, there are still slight fluctuations on a daily basis, which traders use to make a profit every day.
On the WhiteBIT cryptocurrency exchange, you can see a list of cryptocurrencies prices and their charts to see how the value changes over time. Thus, you can see current rates or track them during a week, month, or year.
