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May 19, 2022
Bitcoin’s value plummeted eight percent in one day this weekend, and its cryptocurrency peers are faring no better, with closest competitor Ethereum’s prices tanking over twelve percent in one day this weekend.
The drop in value follows a relatively disappointing start to the year, after enjoying a record high November last year, when Bitcoin peaked at $68,000. Since then, prices have dropped by more than half, as an increasing number of governments enact legislation that curbs the growing popularity of cryptocurrency.
Russia’s central bank announced a blanket ban on cryptocurrency this week, following a similar ban in China last year. The governments cite fears that cryptocurrency may destabilize their countries’ financial well being, and some have cited environmental concerns. India is also rumored to be announcing some type of cryptocurrency restrictions.
As the Bitcoin sell off continues, Bitcoin prices hit only $35,000 this weekend, it’s lowest level since July 2021.
ARTICLE: LAURA SPIVAK
MANAGING EDITOR: CARSON CHOATE
PHOTO CREDITS: TELEGRAPH