The value of Bitcoin has dropped below $33,000, less than half its value after peaking last November, according to the Coinbase cryptocurrency exchange.
Since last Thursday and starting this week, the world’s largest cryptocurrency by market value was last down almost 7%, dropping 51% from November’s all-time high.
Bitcoin, which accounts for about a third of the cryptocurrency market with an estimated total value of $640 billion, saw its price plunge more than 14% over the last week. Ethereum, the second biggest cryptocurrency in the world, also was down by more than 10%.
Cryptocurrencies have been steadily extending their declines amid a broader stock market sell-off in all major indexes. Losses steepened over the weekend since Crypto trades 24/7.
Last week, central banks around the world raised interest rates as they attempt to tackle rising prices, setting traditional investors moving into safer investments and away from digital currencies.
Growing concerns among investors on the global economic growth and the extent of war in Ukraine impact on the world economy will likely keep adding stress to all markets.
According to analysts, Bitcoin needs to maintain the key psychological level of $33,000 to prevent further deterioration. A considerable bounce is expected later for this week.