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Bitcoin tumbles to 18-month low

Bitcoin price news

The crypto coin’s market capitalization has shed over 70% since its all-time high last November.

The world’s top cryptocurrency, Bitcoin, has dropped below the $20,000 threshold for the first time since December 2020, trading data shows.

The coin had plunged around 13.7% over a 24-hour period as of Saturday afternoon to a low of $17,593, its weakest level in 18 months. It did then manage to regain some of the losses, pulling back up to $18,556. It has recovered slightly more on Sunday, trading in the green at $19,351 at around 12:00 GMT, but analysts are skeptical about further gains.

“Breaking $20,000 shows you that confidence has collapsed for the crypto industry and that you’re seeing the latest stresses,” Edward Moya, senior market analyst at OANDA, told Reuters, adding that “even the loudest crypto cheerleaders from the big rally are now quiet.”

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“They are still optimistic long term but they are not saying this is the time to buy the dip.”

Michael Purves, the CEO of Tallbacken Capital, predicted an even more dramatic drop.

“I think this is going to slice through $15,000… The case for institutions to buy the dip is more challenged now given that the utility for Bitcoin has yet to be proven. There is so much velocity on the downside,” he stated.

Apart from the growing risk-off sentiment that has gripped the market due to the geopolitical situation, analysts say that problems within the crypto industry are also having an effect. For instance, cryptocurrency lending company Celsius froze withdrawals and transfers between accounts earlier this week, while there are reports that crypto companies have started letting employees go, fearing a further decline in cryptocurrency market prices.

Bitcoin’s current price drop also marked the breach of a notable price level – the token’s all-time high from the previous bull cycle. This is a typical situation for the cryptocurrency, which has seen several cycles of price run-ups followed by crashes. Some analysts are hopeful that a new upswing will be forthcoming that will take Bitcoin to new highs.

Overall, Bitcoin’s market capitalization tumbled to about $350 billion, a 73% drop from its all-time high last November, according to CoinGecko.

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Source:RT News

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3 COMMENTS

  1. It is not widely published that there was a market crash shortly after the start of the Covid 19 pandemic, but you can see it if you look at the 5 year chart for S&P500.

    https://www.5yearcharts.com/sp-500-5-years-charts-of-performance/

    The rapid rise in bitcoin and the crypto market in general was due to the quantitative easing (QT) (money printing) policy that was undertaken by the privately owned US FED bank which coincided with the market crash which occurred shortly after the Covid 19 pandemic began. Likewise we have seen an absolute bull market in the US stock exchange in the last two years. This was all a scam.

    We are now in recession and all markets, crypto, stock, and real estate are declining at a rapid rate. This was all designed to steal the wealth of the middle class of western nations and divert it to the bankers. We are now in a period of high inflation which is simply another tax on the poor to the benefit of the bankers. They have designed a high debt society so that every 10-15 years they can syphon off the wealth that has been generated by the middle classes to their own pockets.

    But it is not about wealth it is about power. We call it political power but they just call it power. The definition of power is Possession of control, authority, or influence over others.

  2. Part of the ‘Great Reset’ that allows the Elite to buy-in low, and then the Bitcoin gets elevated to global currency status as a result of the ‘Great Reset’, and accelerates in value making the Elite rich once again, but this time in a cyber-sphere.
    Similar to what Mayer Rothschild did in the mid-1800’s when the London Stock market collapsed, and he then bought into the market for pennies to the pound!
    The rest is…manipulated history!

    • Central banks in the West have been talking up centralized digital currencies, but I doubt this is bitcoin as it is supposed to be decentralized. But who knows, but I still doubt this is bitcoin, they are not going to let the plebs make money when they can just make an entirely new digital currency and outlaw all the others.

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