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Bitcoin on ‘Road to Irrelevance,’ European Central Bank Says

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Just more than a year ago, on Nov. 10, 2021, the value of one bitcoin reached its all-time high at more than $68,000. That was after 10 months of strong gains, as it had started 2021 in the $30,000 range.

After that November high, Bitcoin struggled for the remainder of 2021 and began 2022 at a value of just more than $40,000.

Then came the spring, when markets fell generally and cryptocurrency crumbled specifically. Inflation and interest rate hikes had investors spooked.

On July 1, a bitcoin’s value closed under $20,000, about half its worth at the start of the year. The Dow Jones Industrial Average was also down for the calendar year, but only 15%.

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