Exactly a week ago, the value of bitcoin was CZK 698,760. On the night of Sunday to Monday, the most famous cryptocurrency in the world began to decline sharply, reaching CZK 499,910 on Tuesday morning. During the day, however, the exchange rate jumped to CZK 542,280.
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Already on Wednesday, the exchange rate fell again to CZK 476,610, which obviously a number of bitcoin fans took as an opportunity to buy cheaply. They drove the value back above the half-million mark on Thursday – to CZK 537,870.
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Shortly after midnight from Thursday to Friday, bitcoin was again traded for only CZK 477,500, on Friday before noon the value was CZK 498,120.
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Development of bitcoin value over the last week
According to the CoinDesk server, the current record decline to almost a third is mainly due to record inflation, due to which investors generally avoid riskier assets such as bitcoin. Investors are also worried about a more aggressive increase in US interest rates, which is also having a negative effect on the stock market.
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Similar fluctuations are now evident in other cryptocurrencies. For example, ethereum climbed from CZK 24,290 on Wednesday to CZK 29,150 on Thursday, and the exchange rate was lower again on Friday before noon – namely CZK 25,250.
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Bitcoins and other virtual currencies
There are many virtual currencies. One of the oldest and currently most popular are the so-called bitcoins. They were established in 2009, but have enjoyed greater popularity in recent years. This currency was designed so that it could not be influenced by any government or central bank.
Cyber coins are “minting” a network of computers with specialized software programmed to release new coins at a steady but declining pace. The number of coins in circulation is expected to reach 21 million in the end, which is to be around 2140.
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