The European Central Bank says Bitcoin is on a ‘path to irrelevance’.

A little over a year ago, on November 10, 2021, the value of one bitcoin hit an all-time high of over $68,000. This was after 10 months of strong gains, as it had started 2021 in the range of $30,000.

After that peak in November, Bitcoin struggled for the rest of 2021 and started 2022 at just over $40,000.

Then came the spring when markets fell in general and cryptocurrency specifically. Inflation and rising interest rates have spooked investors.

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

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