There has been a sharp decline in the cryptocurrency market. The crypto market on Monday took investors to the pinnacle of fear. The price of a bitcoin has dropped to about $ 25,600, the lowest level in 18 months.
Globally, especially in the United States, the world’s largest cryptocurrency fell another 7 percent on fears of a catastrophic reaction due to a sharp rise in inflation.
In November 2021 Bitcoin (BTC) reached an all-time high of $ 68,000. It has since fallen by more than 60 percent.
According to analysts, at this rate Bitcoin could reach $ 14,000 this year.
In a Twitter threat, Venturefounder, a contributor to the on-chain analytics platform Cryptocund, predicts 2022 will be the fall year for Bitcoin.
“In the next 670 days, PTC will see a complete decline in the next 6 months. It will reach the bottom of the cycle ($ 14-21k) and then reach about $ 28-40k for most of 2023, and will be $ 40k again in the next half,” one tweet said.
The potential lower limit would be $ 14,000. This represents an 80 percent drop from the current $ 68,000 ceiling. Ether, the second largest cryptocurrency, fell sharply.
Ethereum prices were hit hard over the weekend. The second largest digital currency went below its 2018 limit. Glassnote, an on-chain analytics provider, announced that the Ethereum market is down below the ETH Realist price of $ 1,781.
Read Also | $800 billion fall in crypto market, Ethereum founder said – ‘Investors need to pay more attention’
On Monday, the cryptocurrency fell to $ 1,355. The result was a loss of more than 40 percent. The sharp fall in cryptocurrency has caused great anxiety and fear among investors.
