Bitcoin value continues to decline, decline now for eight weeks

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Like most other cryptocurrencies, bitcoin’s value fell again on Friday. The most important digital currency was worth about 28,500 USD (about 26,500 EUR) around 9 p.m. Dutch time. This is the eighth week in a row that the value of bitcoin has fallen. This had never happened in the last ten years.

Bitcoin has lost around 3.5% of its value in the past 24 hours, according to CoinMarketCap, which tracks digital coin prices. The value of the coin is close to its lowest level this year. At the beginning of this year, a bitcoin was still worth almost 48,000 dollars (about 44,750 euros). It is currently 40% less.

Ether, the second largest digital currency by market value, has lost nearly 7% in the past 24 hours.

The drop in value of crypto coins is partly caused by the prevailing interest rate fear among investors. Higher interest rates are generally unfavorable to stocks and other risky investments.

Stock markets have rebounded in recent days. Investors reacted, among other things, to a report that a favorite inflation gauge of the US central bank, the Federal Reserve (Fed), rose less rapidly in April than in the previous month. This could be a sign that price increases in the United States are slowing down somewhat.

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