Bitcoin’s trading price has fallen again to less than $17,000, and several smaller cryptocurrencies, referred to as alternative cryptocurrencies, have fallen sharply as concerns that crypto market problems are far from over.
Bitcoin fell 1.81% to $16,709 at 12:48 p.m. GMT on Saturday.
Earlier this week, Bitcoin hit its highest price since Sam Bankman Fried’s cryptocurrency company filed for bankruptcy protection last month, according to a report published by Bloomberg and seen by Al Arabiya.
Ethereum fell 2.72% to $1,180, while other currencies such as Avalanche and Solana also fell.
Cryptocurrencies fell alongside U.S. stocks as the economy struggled due to the U.S. Federal Reserve’s tightening.
The decline offset a brief rally that had trimmed part of November’s crypto token losses. Since the beginning of this year, Bitcoin has fallen by almost 65%.
Will Tamblin, senior analyst at Fairlead Strategies, said Bitcoin is in danger of approaching its November lows again, as the currency fell to its lowest price since November 2020.
Noel Atchison, author of a newsletter titled “Crypto as Macro Now,” said investors remain concerned about the fate of other crypto-related companies, including Binance Holdings.