Bitcoin has dropped sharply below $22 thousand

On Friday, bitcoin fell to its lowest level in more than three weeks, dropping below $22 000 amid a sudden sale of cryptocurrencies at the beginning of European trading. 

According to CoinDesk, bitcoin briefly fell from $22 738 to below $21 300. The current value of the digital asset is $21 333. It is worth noting that even in the middle of the week bitcoin was trading in the area of $24 500. 

The main pressure on the cryptocurrency market is exerted by the current monetary policy of the US Federal Reserve and the strengthening of the dollar. On Wednesday, the minutes of the Fed's July meeting were published, which once again confirmed the regulator's intentions to continue raising the rate until inflation is tamed. 

Most digital currencies sank by 10%, and some even collapsed by 20% in a week. Experts urge the community not to make hasty decisions, but panic forecasts are already sounding on the market today. Investors fear that the market has entered the correction zone, where it will remain for a long time.

Bitcoin and ether ended Thursday in the red, while ether has grown by more than 100% since mid-June, as investors prepare for a large-scale update of the Ethereum network.