Down in the market bitcoin recorded this Monday (9) the lowest value in the last ten months since last July: about 31.5 thousand US dollars (about BRL 161.7 thousand). The most used cryptocurrency in monetary technology accumulates a daily drop of more than 7% and removed eighteen% on the week.

The analysis suggests that the reason for the devaluation may be an increase in the net volumes of transactions recorded by brokers – about 12,200 bitcoins in the last week. Along with this, its settlement in the United States and tensions due to the war between Russia and Ukraine are possible.

The coin’s all-time high was reached in November 2021: around $69,000. It has since lost over half its value. OUR Ethereumthe second largest cryptocurrency on the market, followed an unsuccessful “sister” phase and also fell to 2.3 thousand US dollars (BRL 11.82 thousand).

In addition to the conversion values, the cryptocurrency market capitalization has also been hit by the devaluation and is currently valued at around $1.47 trillion. For comparison, last year this figure reached 3 trillion dollars.

Even with the devaluation, bitcoin is already accepted as the official currency.

Despite the falls, Bitcoin gained influence in the national territories at the end of April: less than a year after He savior accept it as official currency, Central African Republic followed in the footsteps of a Latin American country and did the same. The decision was approved by Parliament and supported by President Faustin-Archange Touadéra.

Despite the fact that cryptocurrency was seen as part of the “economy of the future”, the introduction of cryptocurrency as a main element of the national economy intrigued the market. The Central African Republic, plagued by civil war since 2012, is one of the world’s poorest countries and has the least access to internet and electricity.

According to the Global Insights DataReportal website, only 11% of the country’s 4.8 million people use the Internet, while 14% use electricity and electricity. In addition, more than 50% do not even have a mobile phone.

According to financial market experts, the adoption of bitcoin will be an attempt to reduce the influence of Europe on the local economy. The currency used in the Central African Republic was Central African CFA franc (XAF)the unit of which is equivalent to 0.0080 reais and is pegged to the euro.

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Source: Reuters.