The steep descent has place in a context in which several digital asset trading companies cut their staff after a new crash in cryptocurrency values took place this Monday.
Bitcoin price has fallen this Wednesday 9.91% compared to the previous day, standing at 20,152 dollars at 09:29 GMT and marking a new minimum in 18 months, according to the latest data from the portal CoinDesk.
The abrupt decline takes place in a context in which several companies of trading of digital assets cut their templates after this Monday there was a new crash in the values of cryptocurrencies.
The American cryptocurrency exchange platform Coinbase announced on Tuesday that it will reduce its team due to the current economic conditions. The company will eliminate nearly 1,100 jobs, a figure that represents 18% of its workforce.
Another smaller platform, BlockFi, will also hold a 20% staff reduction that will affect about 170 people.
The decrease in the value of cryptocurrencies is also caused by the Announcement of the main American cryptocurrency lending company, Celsius Network, which froze its services on Monday due to ” extreme market conditions”.
In addition, the digital currency market experiences extreme volatility as investors began to dump risky assets fearing that the US Federal Reserve will increase interest rates to combat high inflation.