Bitcoin on ‘road to irrelevance’, says European Central Bank

Just over a year ago, on November 10, 2021, the value of one bitcoin hit its all-time high at over $68,000. This came after 10 months of strong gains, as it had started 2021 in the $30,000 range.

After that November high, Bitcoin struggled for the rest of 2021 and started 2022 worth just over $40,000.

Then came spring when the markets fell in general and the cryptocurrency specifically crashed. Inflation and interest rate hikes have scared investors.

On July 1, the value of one bitcoin closed below $20,000, about half its value at the beginning of the year. The Dow Jones Industrial Average was also down for the calendar year, but only 15%.

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