Bitcoin Takes A Beating At $27K As Crypto Economy Settles Just Above $1 Trillion
June 12 2022 - 6:19AM
NEWSBTC
The global cryptocurrency market was on track for another decline
on Saturday, as Bitcoin and other top cryptocurrencies took a
significant blow throughout the day. The $1.19 trillion crypto
industry is currently worth less than it did in July of last year.
In the past week, the majority of prominent cryptocurrencies,
including Bitcoin, Cardano, Ethereum, Solana, and others, have
extended their losses against the US dollar. Overall, the leading
cryptocurrencies have lost between half and 80% of their
all-time price peaks. The BTC price dropped below $30,000 on
Saturday following the release of a critical inflation report on
Friday, which showed little indication that price drops will
soon begin to cool off. Suggested Reading | Dogecoin Mining Revenue
Massively Fell In Past 12 Months Bitcoin Collapses To $27K As of
this writing, Bitcoin (BTC) is taking a beating and trading at
$27,560.18, down 7.8% in the last seven days, Coingecko data show.
This occurred after the world’s largest cryptocurrency remained
steady at $30,000 for two days. The dominant cryptocurrency has
been trading inside a narrow range for weeks, as crypto and stock
markets have struggled to recoup significant upward momentum
following a month-long sell-off. Analysts also point to the ongoing
conflict in Ukraine and worries over a tightening of monetary
policy by the U.S. central bank as reasons for the decline in stock
and cryptocurrency values. BTC total market cap at $523 billion on
the weekend chart | Source: TradingView.com Darshan Bathija, CEO
and co-founder of Vauld, explains: “We are witnessing frequent
short-term spikes in volatility because market participants are
trading inside a restricted range due to uncertainty regarding the
crypto market’s response to macroeconomic conditions.” Currently,
the cryptocurrency market has lost 6.1% in the last day alone. This
number is lower than the lows recorded in July 2021, when market
capitalization reached $1.32 trillion. The entire crypto-economy
has not been priced this low since the first week of February 2021.
Bitcoin fell to two-week lows on June 11 as bears concluded the
week’s trading on Wall Street. ‘Substantial Rebound’ Ahead The
BTC/USD pair fell in tandem with stock markets on Friday, wrapping
up the week with a hefty loss – the S&P 500 and Nasdaq
Composite both dropped 3% and 3%, respectively. Meanwhile, despite
the negative reports, investors can anticipate a “substantial
rebound” in the fourth quarter of this year for the USD value of
bitcoin. According to Nigel Green, CEO and Founder of deVere Group,
Bitcoin is highly associated with global stock markets, and a
bottom is near for everyone. “I believe that we’ll soon see a bull
run that will lead to a significant bounce in the fourth quarter of
the year for the world’s leading digital currency,” Green said.
Suggested Reading | Ethereum Prices Down For 4th Straight Session
As ETH Trades Below $1,800 Featured image from Inc Magazine, chart
from TradingView.com
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