Bitcoin: The collapse in cryptocurrency confidence has central banks jubilant
The loss here is not only in value and numbers but also in the trust that cryptocurrencies attempted to build through the influx of some of the world's largest financial institutions and some of their funds. Bitcoin suffered a major shock, losing more than 65 per cent of its value since the beginning of the year. Additionally, a number of publications concerning Bitcoin price objectives and projections have been released, including one from the biggest US bank, JPMorgan, which predicted that Bitcoin will reach $146,000
In the most recent period, a number of factors have entered the picture, but the bankruptcy case of FTX, one of the biggest trading platforms for cryptocurrencies in the world, has significantly damaged credibility and created a panic among cryptocurrency traders, especially individual traders
When examining the price movement of Bitcoin historically, it can be seen that the highest record level was reached in November of last year at a price of over 69 thousand dollars. Today, after a year at the record level, the price has fallen to below 16 thousand dollars. Bitcoin experienced numerous high points in 2021. It peaked in April at about $65,000, returned in May and lost half its value in a single month, then returned again and rose strongly to about $65,000
In addition to Warren Buffett, who is also one of its most vocal detractors, central banks are the biggest threat to Bitcoin. These banks' officials have warned and criticized the cryptocurrency both when it was experiencing record highs and now as it is violently declining