For the second time since achieving all time high of $65,000 in April, 2021, Bitcoin has recorded it’s second fall below $30,000. The first was in June 22nd, 2021. The effect snowballed to altcoins. Bitcoin recorded a 5% sharp drop while other cryptocurrencies recorded 6% drop, while XRP recorded 9% fall according to Trading View data.
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Allegations of big sell off in global stock markets is suspected as the reason for plunge.
Near $89 billion was erased in the entire cryptocurrency market in a day. Starting from Monday 19, morning to wee hours of following Tuesday.
“There’s been a broad sell-off in global markets, risk assets are down across the board,” Annabelle Huang, partner at cryptocurrency financial services firm Amber Group, said.There’s been a broad sell-off in global markets, risk assets are down across the board,” Annabelle Huang, partner at cryptocurrency financial services firm Amber Group, said.
The continued weakness of price of bitcoin also made the fall impact huge. Since bitcoin price all time high of April fell, the plunge has recorded an over 50% in price reduction, coupled with renewed regulatory scrutiny.
According to Vijay Ayyar head of business development at cryptocurrency exchange Luno, the fall could be important. He predicted that sell off could go lower to test $20,000 to $24,000 level. From that level, bitcoin will start to trade in range.
” I would see bitcoin between 20-40k ($20,000 to $40,000) for a while now before any bullishness returns,” Ayyar said.