Bitcoin suddenly crashes below $ 30,000 as Ethereum, Binance’s BNB, Cardano, XRP, and Dogecoin go into freefall
The prices for Bitcoin and cryptocurrencies suddenly fell and fell sharply after weeks of discomfort.
Bitcoin price fell below the closely watched $ 30,000 per bitcoin level as smaller cryptocurrencies like Ethereum, Binance’s BNB, Cardano, Ripple’s XRP, and the meme-based Dogecoin posted double-digit percentage losses, down 200 over the past week Billions of dollars wiped away (subscribe to Forbes’ CryptoAsset & Blockchain Advisor now and discover crypto blockbusters ready for 1,000% profit).
Bitcoin and crypto’s sudden downward movement coincided with a global sell-off in equity markets yesterday, with the Dow Jones Industrial Average posting its largest one-day drop since October as fears grow that the highly contagious Covid-19 delta Variant the economic recovery could curb efforts.
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Bitcoin price is now down well over 50% from its April high of nearly $ 65,000 per bitcoin while … [+]
Among the crypto top ten by value, Ethereum rivals BNB and Cardano led the market with a sell-off of more than 10%, while Ethereum itself was around 8% lower. Ripple’s XRP, currently in litigation with the SEC, was about 10% lower, while Tesla billionaire Elon Musk’s Dogecoin pet project was down 7%. Bitcoin price has fallen a little more than 6%, resulting in losses of 10% over the past week.
“Bitcoin’s swing range has been declining recently and forms the basis for a powerful exit with a compressed spring effect,” says Alex Kuptsikevich, senior financial analyst at FxPro, who warned that the trough in the bitcoin and crypto markets could bottom out .
“A series of ever lower highs is an important sales factor. Given the fear of missing out on cryptocurrencies, ongoing consolidation has become increasingly frustrating for speculators. The main question now is whether Bitcoin will fall to levels near $ 23,300 where it paused before last Christmas. We cannot rule out that in the event of massive liquidation of margin positions, the price will even close the gap at $ 18,000. Overall, such a reversal would be a repetition of the so-called crypto winter 2018. The price collapses towards a low point near $ 10,000 and has been wiping out the rally since October 2020. “
Bitcoin price, which had repeatedly tested the $ 30,000 mark in the past few weeks, appears to have been spooked by a cease and desist order issued by the New Jersey Office of the Attorney General to New Jersey-based bitcoin financial services platform BlockFi the Bureau of Securities last night.
The story, first reported by Forbes, sparked a sell-off as investors feared it could be part of a broader crackdown on the myriad of crypto lending platforms that have sprung up in recent years. BlockFi offers depositors interest rates between 0.25% and 8.5%, depending on the crypto asset and deposit size.
The regulatory move is the latest in a string of blows to the bitcoin and cryptocurrency market that began with China’s recent crackdown on crypto miners – which secure cryptocurrency blockchains with powerful computers in exchange for freshly minted tokens – in April. Since then, the major crypto exchange Binance has seen a surge of pressure from regulators around the world, with many warned against using the platform.
Meanwhile, U.S. regulators have turned their attention to the booming stablecoin market, which has swelled to $ 100 billion in the past 12 months. Yesterday, Treasury Secretary Janet Yellen met with various other government agencies to discuss how stablecoins should be regulated.
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Bitcoin price has lost more than 6% in the past 24 hours and has crashed below those closely watched … [+]
Bitcoin price, after rising from under $ 30,000 at the turn of the year to around $ 65,000 per bitcoin in April, has been up in recent weeks amid a decline in crypto trading volume that spanned Coinbase’s glowing Nasdaq debut peaked in April, decreased.
“Bitcoin has found it difficult to move upward, and the upper end of that range has been gradually approaching,” Pankaj Balani, the executive director of the Singapore-based Delta exchange, wrote in an email. “Bitcoin failed over $ 36,000 last week and failed over $ 33,000 this week. We have also continuously tested the lower end of the above range, which shows price weakness and opens up the risk of collapsing below $ 30,000. “
“Although the amplitude of the swings in the crypto market is now much smaller than it was in May, the continued failure of the surge shows that the sharp uptrend has broken like it was in 2018,” added Kuptsikevich. “Long-term investors may remain bullish, but short-term speculators are clearly trying to get out of the market.”
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