World

Bitcoin and other cryptocurrency stock prices drop dramatically as world governments clamp down

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

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Laura is a freelance writer out of Maryland and a mom of three. Her background is in political science and international relations, and she has been doing political writing and editing for 17 years. Laura has also written parenting pieces for the Today Show and is currently working on writing a collection of remarkable true stories about normal people. She writes for FBA because unbiased news is vital to unity, and readers deserve the facts free of opinion.

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