According to Tradingview, the world\u2019s most popular cryptocurrency, Bitcoin, hit a new low of $20,828 at the start of the week. Because of this new pricing, BTC lost 16.54% of its value in less than a day- almost $5,000 in value.<\/p>\n
Although being the largest and most famous cryptocurrency, Bitcoin is notorious for its huge climbs and equally dramatic declines. For example, BTC skyrocketed to an all-time high of over $69,000 in November 2021, then plummeted to just under $30,000 by the start of 2022.<\/p>\n
\u00a0\u00a0Related Reading | Bitcoin Long-Term Holders Realize March 2020-Like Losses As BTC Crashes<\/p>\n
Bitcoin\u2019s value peaked above $30,000 on June 1, 2022, but dropped below that the next day. It is currently trading below $22,000. This decrease is linked to TerraUSD, a stablecoin, breaking its $1 peg and Luna subsequently falling.<\/p>\n
In addition, it reflects global financial uncertainty driven by increasing inflation as investors seek to sell \u201criskier assets\u201d such as cryptocurrencies.<\/p>\n
The Bitcoin 3-Day Chart Indicates March 2020 Crash<\/p>\n
The 3-Day Bitcoin chart Indicates a recurrence of the March 2020 Crash, based on the present state of the BTC market. Bitcoin\u2019s popularity as a safe-haven asset began to wane in March 2020. It had lost half of its value in only two days.<\/p>\n
After opening the week above $9,000, the cryptocurrency suddenly fell below $4,000 on March 13, 2020. However, as of the end of U.S. markets, it had returned to around $5,400.<\/p>\n\n
Bitcoin is currently trading below $22,000 on the daily chart | Source: BTC\/USD chart from\u00a0TradingView.com<\/p>\n
For the March 2020 crash, Joe DiPasquale, CEO of BitBull Capital, said that the global pandemic of the coronavirus caused investors to move their money into cash as a form of protection.<\/p>\n
He further added that Bitcoin\u2019s potential as a safe-haven asset is being questioned due to this steep decrease. But feels it is too early to look for any links between Bitcoin and other asset classes.<\/p>\n
Reason Behind Bitcoin Plunging To New Lows<\/p>\n
One factor contributing to bitcoin\u2019s new lows is the halting of all withdrawals, transfers, and swaps between accounts by Celsius.<\/p>\n
Celsius, a DeFi platform and one of the largest crypto lenders has been a significant cause of mistrust in the Bitcoin market.<\/p>\n
\u00a0Related Reading | Rich Dad, Poor Dad Author Changes His Mind About Bitcoin? BTC Crashes To $23K<\/p>\n
The network announced they had paused withdrawals, swaps, and transfers between clients via Celsius. This announcement was made in the early hours of June 13, following Bitcoin\u2019s slide below $24,000 and the whole crypto market losing about $250 billion in only seven days.<\/p>\n
As the company\u2019s announcement stated:<\/p>\n
Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts. We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations.<\/p>\n
Featured image from Flickr and chart from TradingView.com<\/p>\n
\u00a0<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
According to Tradingview, the world\u2019s most popular cryptocurrency, Bitcoin, hit a new low of $20,828 at the start of the week. Because of this new pricing, BTC lost 16.54% of its value in less than a day- almost $5,000 in value.<\/p>\n
Although being the largest and most famous cryptocurrency, Bitcoin is notorious for its huge climbs and equally dramatic declines. For example, BTC skyrocketed to an all-time high of over $69,000 in November 2021, then plummeted to just under $30,000 by the start of 2022.<\/p>\n
\u00a0\u00a0Related Reading | Bitcoin Long-Term Holders Realize March 2020-Like Losses As BTC Crashes<\/p>\n
Bitcoin\u2019s value peaked above $30,000 on June 1, 2022, but dropped below that the next day. It is currently trading below $22,000. This decrease is linked to TerraUSD, a stablecoin, breaking its $1 peg and Luna subsequently falling.<\/p>\n
In addition, it reflects global financial uncertainty driven by increasing inflation as investors seek to sell \u201criskier assets\u201d such as cryptocurrencies.<\/p>\n
The Bitcoin 3-Day Chart Indicates March 2020 Crash<\/p>\n
The 3-Day Bitcoin chart Indicates a recurrence of the March 2020 Crash, based on the present state of the BTC market. Bitcoin\u2019s popularity as a safe-haven asset began to wane in March 2020. It had lost half of its value in only two days.<\/p>\n
After opening the week above $9,000, the cryptocurrency suddenly fell below $4,000 on March 13, 2020. However, as of the end of U.S. markets, it had returned to around $5,400.<\/p>\n
Bitcoin is currently trading below $22,000 on the daily chart | Source: BTC\/USD chart from\u00a0TradingView.com<\/p>\n
For the March 2020 crash, Joe DiPasquale, CEO of BitBull Capital, said that the global pandemic of the coronavirus caused investors to move their money into cash as a form of protection.<\/p>\n
He further added that Bitcoin\u2019s potential as a safe-haven asset is being questioned due to this steep decrease. But feels it is too early to look for any links between Bitcoin and other asset classes.<\/p>\n
Reason Behind Bitcoin Plunging To New Lows<\/p>\n
One factor contributing to bitcoin\u2019s new lows is the halting of all withdrawals, transfers, and swaps between accounts by Celsius.<\/p>\n
Celsius, a DeFi platform and one of the largest crypto lenders has been a significant cause of mistrust in the Bitcoin market.<\/p>\n
\u00a0Related Reading | Rich Dad, Poor Dad Author Changes His Mind About Bitcoin? BTC Crashes To $23K<\/p>\n
The network announced they had paused withdrawals, swaps, and transfers between clients via Celsius. This announcement was made in the early hours of June 13, following Bitcoin\u2019s slide below $24,000 and the whole crypto market losing about $250 billion in only seven days.<\/p>\n
As the company\u2019s announcement stated:<\/p>\n
Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts. We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations.<\/p>\n
Featured image from Flickr and chart from TradingView.com<\/p>\n
\u00a0<\/p>\n
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