Why bitcoin tests its digital currency

Interestingly, Bitcoin's price saw a spike after the latest CPI report, suggesting an easing of inflation rates. The flagship cryptocurrency reached an intraday high of $28,883 on May 10, only to erase some of its gains later in the day. The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant this contact form affiliations beyond their academic appointment. And Bitcoin wasn't alone in its losses. Crypto companies and exchanges had failed in the past, either through hacking or theft, but the collapse of algorithmic stablecoin Terra last year led to widespread losses among firms that previously appeared sure-footed.; ; Bitcoin has seen a 77% decline from its peak trading at $70,000 in November of last year in the aftermath of FTX’s fall. Meanwhile, the crypto market cap has plummeted from $3 trillion to $900 billion.