Bitcoin crypto was launched in 2009. It was the beginning of the digital assets era. Since then, hundreds of crypto projects have been launched in the industry.
Popular metaverse, GameFi, and NFT projects are emerging, bringing numerous benefits and earning opportunities for crypto holders and network participants. Still, Bitcoin remains the market leader as it is the most stable-growing asset in the market.
To check crypto prices live, we can address any credible crypto platform (for they set average market rates) or the Coinmarketcap resource. So the current BTC rate is $23,2 (August 6, 2022).
Where is BTC used:
• you can pay for goods in some shops with BTC;
• you can purchase BTC and hold it until the price boosts;
• you can trade BTC on crypto exchange platforms and receive benefits from the price changes.
The BTC rate changes significantly throughout the time of its existence. You never know when will Bitcoin crash, but you can try to forecast significant price fluctuations provided you have experience in crypto investments.
Things impacting the BTC rate:
• news background;
• the complexity of receiving one BTC (mining);
• investor sentiment;
• new crypto projects competing with BTC.
Why Is Bitcoin Crashing?
In spring-summer 2022, we are witnessing a huge crypto collapse. Starting with BTC, all the market assets significantly dropped. There are several reasons for the Bitcoin crash:
• News background and inflation.
• Interest rates increased by 0,50%; that’s the sharpest increase since 2000, which shocked the global economy.
• Binance’s temporal BTC withdrawals block.
Another reason for the entire market drop was the actions of the Celsius Network company engaged with crypto landing. In June 2022, the company froze crypto transfers and withdrawals, which resulted in an overall drop across all cryptocurrencies. Their total value dropped below $1 trillion.
These were the main reasons why the crypto market declined in spring – summer 2022.