The price of bitcoin fell again on the world crypto markets due to the continuation of the euphoric sale of digital currencies. The world’s largest cryptocurrency lost 11 percent of its value by 11 a.m. Eastern Time, dropping to $ 31,652, according to Kin Metrix, CNBC reports.

Lower digital coins also recorded high losses, with ether falling nearly 13 percent to $ 2,368 and XRP down more than 12 percent. In April 2021, it looked like this was going to be a take-off year for digital assets, with bitcoin reaching $ 60,000 for the first time ever. However, the recent fall in prices has shaken confidence in crypto markets.

Bitcoin and Digital Currencies

Bitcoin sank to almost 30,000 US dollars last month and is currently falling by almost 50 percent compared to its historical record, reports Tanjug. The value of these digital currencies is now only 9 percent higher than at the beginning of the year, but it is still more than tripled compared to the price a year ago.

The specific reason for the new wave of sell-offs is unclear, according to CNBC, but notes that it may have been caused by cryptocurrency security concerns after U.S. officials managed to recover much of the ransom paid to hackers who cyber-attacked the Colonial Pipeline pipeline in the United States last month.

According to court documents, investigators were able to access the passwords for the bitcoin digital currencies wallet of one of the hackers. The money was returned by a newly formed working group in Washington, which was established as part of the government’s response to the growth of cyberattacks.

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