Bitcoin crashed to the lowest level alongside other digital cryptocurrencies on Saturday, and the ongoing meltdown wiped out more than $ 1 trillion in global crypto market value. Bitcoin fluctuates at $ 35,000 per coin, and the largest digital asset in market value has been lost by more than 40% since its peak in November 2021. Bitcoin hit a record high of about $ 69,000 in November. The cryptocurrency crash occurred when the Federal Reserve raised interest rates as early as March, highlighting the possibility of withdrawing stimulus from the market. Other digital currencies, Ethereum, Finance Coin and Cardano have experienced similar meltdowns. Solana, Dogecoin, and Shiba Inu also experienced major falls. Bitcoin crashed below $ 36,000. Below this level, “there is little support up to the $ 30,000 level,” Oanda’s senior market analyst Edward Moya said in a note. Bitcoin’s decline since November of this year has wiped out more than $ 600 billion in its market value. Cryptocurrencies like Bitcoin have matured from an ambiguous asset class with few users to an integral part of the digital asset revolution, raising concerns about financial stability. Given the relatively high volatility and reputation of the IMF, increased cryptocurrency movements can quickly pose a risk to financial stability, especially in countries where cryptocurrencies are widely adopted. Therefore, it is time to adopt a comprehensive and coordinated global regulatory framework to guide national regulation and oversight and mitigate the risks to financial stability arising from the crypto ecosystem. The market value of these new assets is around $ 620 billion in 2017, reflecting their growing popularity among retail and institutional investors despite their high volatility. It has risen to 3 trillion dollars.
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