Cryptocurrencies crash; Bitcoin depreciates 8.8%

Massive collapse in the cryptocurrency market. According to the latest data, the cryptocurrency market is down 9 percent. Bitcoin has fallen 8.8 percent in the past 24 hours. Many other cryptocurrencies are reported to have fallen further.

As the value of the cryptocurrency began to plummet, many investors retreated. This is what caused the current massive collapse. Bitcoin, which hit a record high of $ 70,000 last November, fell 44 percent. Bitcoin is currently reported to be at $ 40,000.

A section supporting cryptocurrency had expected the value of Bitcoin to rise during inflation. But despite the inflation, cryptocurrency has struggled. There was no increase in value except for a further decline. Reports indicate that cryptocurrencies are on the verge of breaking records in the New Year.