Why Are Cryptocurrency Big Movers Are Dropping Value These Days?

Bitcoin is now worth less than $31,000, according to the Coinbase cryptocurrency exchange. This value is less than half of what it was in November 2021, when it was at its peak. The largest cryptocurrency by market capitalization is declining while stock markets worldwide are declining. As a result, Investors are running from riskier assets to safe havens like the US dollar. In the United States, the Dow dropped by nearly 2%, the S&P 500 dropped by 3.2 percent, and the Nasdaq dropped by 4.3 percent. Uber was one of the companies to blame for the drops. Later, the stock dropped more than 11% after news outlets reported that CEO Dara Khosrowshahi told employees that investors were becoming more cautious. As a result, he stated that Uber would cut costs and recruit fewer employees. He further stated, “It’s clear that the market is undergoing a significant change, and we must act accordingly. The average Uber employee is just over 30, which means you’ve advanced in your career in unprecedented ways. However, you will need a new plan because the next time will be different.” Why Are The Crypto Big Movers’ Price Dropping? Traditional investors usually sell assets they believe are riskier, such as digital currency, and reinvest their money in safer investments when the market goes volatile. As a result of this, the price of cryptocurrency drops. Hedge funds and money managers are becoming more involved in cryptocurrency trading, whic...