The most recent valuation marks a 50% drop since the cryptocurrency peaked in November 2021, reports the BBC.
While trading was previously dominated by individual investors, professional investors, such as hedge funds, have grown their presence in stock markets in recent years.
And Bitcoin isn’t the only digital asset in decline – as the Wall Street Journal reports, the market for non-fungible tokens is also sinking at an alarming rate.
The decline of NFTs, which are digital tokens made up of blockchain, comes as interest rates rise across the world, stifling risky bets across financial markets.
Despite these dismal offerings, Estavi remained optimistic, attributing the reduced value to normal fluctuations in the market.
The firm reported that 9.2 million NFTs were sold to 1.8 million people as of the end of April 2022, a figure exposing the surprising availability of digital property that is marketed on its exclusivity.
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