Bitcoin price continues going down

Bitcoin plunged to about $17,749 and Ether fell to about $897 at around 4:15 E.T. on June 18 afternoon, as the sell-off in the crypto market accelerates. The world’s two most popular cryptocurrencies are down more than 35 per cent in the past week, as both breach symbolic price barriers.

Bitcoin bounced back to around $18,955 and ether was trading at about $995 just after 8 p.m. ET, according to CNBC.

The carnage in the crypto market is partly caused by pressure from macroeconomic forces, including spiralling inflation and a succession of Fed rate hikes. We have also seen these blue-chip cryptos track equities lower. It doesn’t help that crypto firms are laying off large swaths of employees, and some of the most popular names in the industry are facing solvency meltdowns.

Bitcoin peaked at $68,789.63 in November. Ether peaked at $4,891.70 that same month. Bitcoin last traded this low around December 2020.