Bitcoin further sank to about $17,750 for the first time since December 2020 Saturday afternoon, as the selloff in the crypto market intensifies.<\/p>\n
Bitcoin\u2019s price is still falling steadily and is currently testing the 2017 all-time high range of $17,000 to $20,000. However, the descent shows no indication of abating, and analysts\u00a0are\u00a0 are not quite sure to call a bottom at this time.<\/p>\n
The following hour, Ethereum followed suit and went below $1,000. These numbers were feared as crucial support levels for the top two coins by market capitalization.<\/p>\n
Suggested Reading | Ether Drops Below $1K, Dragged Down By BTC Slide \u2013 What\u2019s The Next ETH Support?<\/p>\n
The next\u00a0several days could be crucial for Bitcoin, as a failure to establish support at this position could lead to a further market decline into the $15,000 mark.<\/p>\n
Alternatively, if the price recovers from the current region, the $24,000 level would be the first hurdle before the key $30, 000 resistance and the 50-day moving average.<\/p>\n
The current Crypto Winter differs from 2018 in that cryptocurrencies are falling alongside tech stocks as the broader economy is fragile, inflation is soaring, and a full-scale recession appears impending.<\/p>\n\n
This year’s Crypto Winter is different from last year’s because cryptocurrencies and tech stocks are both in decline. Image: CNBC.<\/p>\n
During the past week, the price of Bitcoin fell by more than 30 percent, and the market is arguably suffering maximum anxiety. A significant amount of coins that have been purchased and held over the past two years are being put into exchanges, as indicated by exchange inflows.<\/p>\n
On Friday, Antoni Trenchev, the founder of cryptocurrency lender Nexo, stated on Bloomberg that the current slump \u201creminds me of the 1907 bank panic.\u201d<\/p>\n
Saturday, Kraken\u2019s director of growth marketing and Bitcoin influencer Dan Held warned, \u201cWe are on the path of maximal pain.\u201d<\/p>\n
Bitcoin\u2019s decline occurred over the course of several months, and was hastened in recent weeks by the collapse of two major cryptocurrency projects, Terra-Luna and Celsius, which further sowed worries about the market\u2019s durability.<\/p>\n\n
BTC total market cap at $350 billion on the weekend chart | Source: TradingView.com<\/p>\n
Pressure from macroeconomic factors, such as growing inflation and a series of interest rate hikes by the Federal Reserve, also contributes to the calamity on the cryptocurrency market.<\/p>\n
Market observers have also been keeping a close eye on top-tier cryptocurrencies as they track equities lower. It doesn\u2019t help that crypto companies are issuing the pink slips and rendering a large number of people jobless, and that some of the industry\u2019s most recognizable brands are facing solvency breakdowns.<\/p>\n
Meanwhile, recent data from the analytics website Glassnode indicates that the revenue generated by Bitcoin miners has continued to decline. With rising mining expenses and a deteriorating macroeconomic environment, miners are now less motivated and profitable.<\/p>\n
Suggested Reading |\u00a0Bitcoin Breaches $19K Level \u2013 Will Selloff Continue? What\u2019s The Next Bottom?<\/p>\n
Featured image from Domestika, chart from TradingView.com<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Bitcoin further sank to about $17,750 for the first time since December 2020 Saturday afternoon, as the selloff in the crypto market intensifies.<\/p>\n
Bitcoin\u2019s price is still falling steadily and is currently testing the 2017 all-time high range of $17,000 to $20,000. However, the descent shows no indication of abating, and analysts\u00a0are\u00a0 are not quite sure to call a bottom at this time.<\/p>\n
The following hour, Ethereum followed suit and went below $1,000. These numbers were feared as crucial support levels for the top two coins by market capitalization.<\/p>\n
Suggested Reading | Ether Drops Below $1K, Dragged Down By BTC Slide \u2013 What\u2019s The Next ETH Support?<\/p>\n
The next\u00a0several days could be crucial for Bitcoin, as a failure to establish support at this position could lead to a further market decline into the $15,000 mark.<\/p>\n
Alternatively, if the price recovers from the current region, the $24,000 level would be the first hurdle before the key $30, 000 resistance and the 50-day moving average.<\/p>\n
The current Crypto Winter differs from 2018 in that cryptocurrencies are falling alongside tech stocks as the broader economy is fragile, inflation is soaring, and a full-scale recession appears impending.<\/p>\n
This year’s Crypto Winter is different from last year’s because cryptocurrencies and tech stocks are both in decline. Image: CNBC.<\/p>\n
During the past week, the price of Bitcoin fell by more than 30 percent, and the market is arguably suffering maximum anxiety. A significant amount of coins that have been purchased and held over the past two years are being put into exchanges, as indicated by exchange inflows.<\/p>\n
On Friday, Antoni Trenchev, the founder of cryptocurrency lender Nexo, stated on Bloomberg that the current slump \u201creminds me of the 1907 bank panic.\u201d<\/p>\n
Saturday, Kraken\u2019s director of growth marketing and Bitcoin influencer Dan Held warned, \u201cWe are on the path of maximal pain.\u201d<\/p>\n
Bitcoin\u2019s decline occurred over the course of several months, and was hastened in recent weeks by the collapse of two major cryptocurrency projects, Terra-Luna and Celsius, which further sowed worries about the market\u2019s durability.<\/p>\n
BTC total market cap at $350 billion on the weekend chart | Source: TradingView.com<\/p>\n
Pressure from macroeconomic factors, such as growing inflation and a series of interest rate hikes by the Federal Reserve, also contributes to the calamity on the cryptocurrency market.<\/p>\n
Market observers have also been keeping a close eye on top-tier cryptocurrencies as they track equities lower. It doesn\u2019t help that crypto companies are issuing the pink slips and rendering a large number of people jobless, and that some of the industry\u2019s most recognizable brands are facing solvency breakdowns.<\/p>\n
Meanwhile, recent data from the analytics website Glassnode indicates that the revenue generated by Bitcoin miners has continued to decline. With rising mining expenses and a deteriorating macroeconomic environment, miners are now less motivated and profitable.<\/p>\n
Suggested Reading |\u00a0Bitcoin Breaches $19K Level \u2013 Will Selloff Continue? What\u2019s The Next Bottom?<\/p>\n
Featured image from Domestika, chart from TradingView.com<\/p>\n
<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-1581","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/1581","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=1581"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/1581\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=1581"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=1581"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=1581"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}