Summary:
- Bitcoin has experienced a decline in its value in February 2023, dropping further in the past week and trading at around $21,500 on Monday, 13 February.
- Despite this, the crypto is still doing much better compared to the end of last year.
- The future of the crypto market is uncertain due to the impact of the collapse of exchange company FTX and the SEC’s attention to the industry. Other cryptocurrencies such as Ethereum and Binance Coin have also lost value in the past week.
Bitcoin price has continued its decline in February 2023 and in the past week, it has dropped even further. As of Monday, 13 February, the crypto was trading at about $21,500.
It may not yet be time to panic for traders as Bitcoin is still doing much better than it was doing towards the end of last year. In December 2022, the digital asset was fluctuating between $16K and $17K. However, 2023 marked a turnaround as it added over $4,000 in the first 14 days of the year.
At its peak, Bitcoin climbed to $23,700+ and it seemed the analysts backing it to break its bounds in 2023 were right. Now, the future is not so certain.
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The digital asset world is still trying to come out from under the shadow cast by the collapse of exchange company FTX and the several investigations that followed it. More recently, the SEC has turned its attention to the industry as well.
Bitcoin is not alone in losing value as its closest counterpart, Ethereum, saw its price decline by nearly 10% in the past week. As of Monday, ETH was been sold for $1,500. Binance Coin (BNB) lost over 10% in value as well within a week as well.
If the events of the past two months has taught us anything, it is the absolute volatility of the crypto market.
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