Bitcoin tumbles 9% to Ksh.2.7 million

Bitcoin tumbles 9% to Ksh.2.7 million

The price of Bitcoin tumbled 9 percent to Ksh.2.7 million (US$.24,000) last figures last seen in December 2020.

Some crypto analysts predict Bitcoin may hit a grim Ksh.1.6 million (US$.14,000) this year at this rate.

The likely bottom range at 14,000 would represent a drop of around 80 percent for Bitcoin from the Ksh.7.9 million all-time high.

Ether (ETH), the second-largest cryptocurrency, also fell considerably to 12 percent since February 2021.

The slump is supported by fears over a global economic slowdown and bets on steep interest rate hikes by the U.S. Federal Reserve.

The dollar index which tracks the greenback against six major peers – gained as much as 0.5 percent on Monday to 104.75, close to the two-decade peak of 105.01 hit in May. It was last up 0.2 percent at 104.63.

Kenya Shilling also weakened further to 117.2 Monday against the dollar.

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Lawrence Baraza is a prolific writer with competencies in Digital Media, Print, and Broadcast. Baraza is also a Communication Practitioner currently spearheading Digital content on Metropol TV's Digital Desk.

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