Bitcoin tumbles to 18-month low

Must read

Florida’s tussle with Disney wouldn’t have happened ‘if Bob Iger had been CEO,’ says top DeSantis ally

Florida lawmakers are reviewing ways to restore some of the privileges that the state stripped from Walt Disney Co., still reducing the company’s benefits...

Americans Are Fed Up With Woke Military Leadership: Poll Shows Less Than 50% Now Trust

I recently hit my one-year military retirement anniversary, which has me ruminating on my past life in the...

MAGA Rep Marjorie Taylor Greene Demands Answers on 73,000 ‘Gotaways’ at the Border in November

Representative Marjorie Taylor Greene has a few questions following a report indicating that a record number of “gotaways”...

Flashback: Kanye Performs at DNC Fundraiser, Obama Jokes About Him Becoming House Speaker

Kanye West has been in the spotlight for very bad reasons of late, culminating with a bizarre interview...

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.

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.

For more stories on economy & finance visit RT’s business section

More articles

Latest article

Florida’s tussle with Disney wouldn’t have happened ‘if Bob Iger had been CEO,’ says top DeSantis ally

Florida lawmakers are reviewing ways to restore some of the privileges that the state stripped from Walt Disney Co., still reducing the company’s benefits...

Americans Are Fed Up With Woke Military Leadership: Poll Shows Less Than 50% Now Trust

I recently hit my one-year military retirement anniversary, which has me ruminating on my past life in the...

MAGA Rep Marjorie Taylor Greene Demands Answers on 73,000 ‘Gotaways’ at the Border in November

Representative Marjorie Taylor Greene has a few questions following a report indicating that a record number of “gotaways”...

Flashback: Kanye Performs at DNC Fundraiser, Obama Jokes About Him Becoming House Speaker

Kanye West has been in the spotlight for very bad reasons of late, culminating with a bizarre interview...

Florida AG Warns of ‘Frightening’ New Trends in Fentanyl Distribution

By Bethany Blankley (The Center Square) Florida Attorney General Ashley Moody is continuing to warn Floridians...