The Price of Bitcoin and Other Cryptocurrencies Dropping Drastically

In the last few hours, the price of Bitcoin has depreciated by 7.4%, and by the morning of September 28, the largest cryptocurrency by capitalization was worth $18,746, which was the lowest figure since November 2020. Bitcoin later recovered some of its losses and now stands at $19,144.

Other major cryptocurrencies are following the price of Bitcoin’s footsteps and depreciating. For example, the price of Ethereum has experienced a decrease of almost 6% in a day and is currently worth $1,311.

The Major Factor of Downfalling the Price of Bitcoin:

The downward trend in the crypto market is directly related to the side effects of the war initiated by Russia in Ukraine and the tightening of monetary policy by national banks due to the high level of inflation, which, along with the slowdown in economic growth and the risk of recession, also fall victim to cryptocurrencies.

After the European Central Bank, the US Federal Reserve raised interest rates again. The rise in rates makes the dollar stronger to a record high and makes it more profitable to own it – investors are now correcting the dollar and investing in this currency while selling relatively volatile crypto-assets, which has a negative impact on their price.

Currently, the capitalization of the crypto market is 916 billion dollars, of which 360 billion comes from the price of Bitcoin and 157 billion from Ethereum.

Implications for Banking and Business

Developments in the Polish banking sector affect businesses operating in the country in several ways. Access to corporate banking services, credit availability, deposit rates, and payment infrastructure are all critical factors for companies — whether established Polish firms or foreign-owned entities entering the market.

For foreign entrepreneurs setting up operations in Poland, choosing the right banking partner is a strategic decision. Major Polish banks including mBank, ING Bank Śląski, Bank Millennium, PKO BP, and Santander Poland offer varying levels of service for international clients, including English-language online banking, multicurrency accounts, and dedicated relationship managers for corporate clients.

The Polish banking market is well-regulated by the KNF (Financial Supervision Authority) and participates in the EU deposit guarantee scheme (BFG — Bank Guarantee Fund), providing deposit protection up to EUR 100,000 per depositor per institution. This regulatory framework provides stability and confidence for businesses maintaining corporate funds in Polish banks.

If you are doing business in Poland or considering entering the Polish market, Zalewski Consulting can help. Learn more about our personal income tax advisory, or contact us for a free consultation.