Bitcoin’s Rut Causes A 5.1% Drop – 26 April, 2022

Bitcoin, the worlds largest cryptocurrency, was last down 5.1% to $38,391.36, $2,229.82 lower than its previous close. The digital currency is up 16% from the years low of $32,950.72 reached on January 24. Ether, the coin linked to the ethereum blockchain network, dipped 5.6% to $2,837.45 on Tuesday, losing $168.25 from its previous close. Experts seem to think the latest bout of crypto fever seems to be breaking, much as it did after the boom and bust of 2017 and 2018. Cryptocurrencies are considered to be too volatile and too much of a risk for the majority of the population. One reason Bitcoin’s been stuck in a rut is that a lot of the coin’s supply has been moving into long-term-holder accounts, meaning its not likely to be traded as it gets taken offline and into storage.