Friday, July 1, 2022
BusinessKilling in the Cryptocurrency Market, Bitcoin Slips Below $ 20000

Killing in the Cryptocurrency Market, Bitcoin Slips Below $ 20000

The price of bitcoin has reached this level for the first time since December 2020. Ethereum (ETH), the second largest cryptocurrency, has even broken the psychological level of $1,000

The price of Bitcoin, the world’s largest cryptocurrency, has fallen below $19,000. The price of bitcoin has reached this level for the first time since December 2020. Ethereum (ETH), the second largest cryptocurrency, has even broken the psychological level of $1,000.

Right now the price of bitcoin is down 10 percent at $19,040. According to data from Coinmarketcap, its price fell to $18,905 today. The price of ETH is down 10% to $992. The decline in cryptocurrencies has resulted in a major drop in the total market capitalization of cryptocurrencies. In the last 24 hours, it has dropped 5 percent to less than $900 million.

Experts say that investors’ confidence has been hurt due to the market capitalization being less than $900 million. Bitcoin futures trades worth $100 million have been cut in the last 24 hours. This has also affected the sentiments of the investors.

BigOne Exchange chairman Andy Lien said a fall below $20,000 for bitcoin means more futures will be cut. Especially those investors who had taken loans for the deals will liquidate their positions.

“Right now inflation is on a bullish trend, interest rates are rising, the Ukraine Crisis continues and the economy is trying to recover from the effects of Corona. Bitcoin is going through these conditions for the first time,” he said. He added that the recovery in Bitcoin and Ethereum can be expected only after the current situation changes.

Arthur Hedge, former CEO of BitMEX, said a sell-off in the spot market could be visible. This is because BTC has dropped below $20,000. ETH has broken the $1,000 level. In such a situation, dealers will try to protect themselves from losses. He added that it could also happen that some OTC dealers who may not have done enough hedging may go bankrup.

Read Also | Single Use Plastic Ban; These plastic items will not be able to be used from July 1, heavy fine will be imposed if caught

The decline in major cryptocurrencies, including Bitcoin, is because investors are currently distancing themselves from risky assets. This is the reason why there has been a big fall in the stock markets around the world.

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