Here’s why crypto experts are shrugging off the bitcoin crash

June 16, 2022 World Blockchain

Cryptocurrency is having a terrible week. And it’s only Wednesday.

Still, long-term investors are shrugging off the extreme drops in the a value of digital coins and the breakdown of the exchanges that make them available to investors. Bitcoin, the world’s most valuable cryptocurrency, dropped to near $21,000 Wednesday. It’s lost a quarter of its value since Friday and is sitting nearly 70% below its high of $68,000 per coin in November. Ether, the second most valuable digital currency, has lost about a third of its value since Friday and has dropped 75% below its highs.

More concerning are the structural problems rendering it impossible for investors to withdraw their money from crypto exchanges. Binance, the world’s biggest cryptocurrency exchange, paused withdrawals for a few hours Monday, saying some transactions had gotten “stuck.” The Celsius Network, which has 1.7 million users, temporarily halted withdrawals due to “extreme market conditions.” They did not say when they would reopen the exchanges, indicating only that it would “take time.”