dropping nearly bitcoin worst weekly year

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Why has bitcoin dropped to a two month low?

Bitcoin has posted its biggest one-day drop in almost two months, amid warnings that novice investors could suffer heavy losses from speculating in crypto assets such as “meme coin” dogecoin. Bitcoin tumbled more than 11% on Sunday, dropping from about $62,000 (£45,000) to $55,000 – its lowest level since the end of March.

What happened to bitcoin?

Bitcoin’s drop came as dogecoin – originally created as a joke – also fell back from its latest peak, after a remarkable surge this year. Dogecoin has gained more than 6,000% since the start of 2021, from $0.0046 to about $0.30 on Sunday, having briefly hit $0.43 on Friday.

Will government crackdown on Bitcoin trigger another 'crypto winter'?

Bitcoin and related assets have also come under increased scrutiny from regulators around the world as they have grown into a bigger part of the financial markets. “We believe government crackdown on cryptocurrencies can trigger another ‘crypto winter’ and reduced trading activity.

Did the rise of Dogecoin hurt the crypto market?

The rise of dogecoin, which was started purely as a joke before gaining wider popularity with the help of Musk, could also have hurt the overall credibility of the crypto market.

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