September 27, 2022

Bitcoin price crashes below $25,000

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On the night of June 13, the price of the first cryptocurrency dropped to levels near $25,000, Ethereum – to $1300.

At the time of writing, the price of bitcoin is about $25,600. The cryptocurrency has lost about 6.5% in a day, according to CoinGecko.

Over the same period, Ethereum fell by 8.9%. The current price is $1313. Judging by the charts, the decline in the first and second cryptocurrencies was accompanied by a surge in trading volume.

Following the flagships, almost the entire market moved into the red zone. Solana (-13.4%) and Dogecoin (-11.4%) showed the largest drop over the past day.

The total capitalization decreased by almost 6% and is less than $1.1 trillion. BTC dominance index – 45.3%, ETH – 15.1%.

More than $500 million worth of positions in the futures market have been liquidated, according to Coinglass.

The index of fear and greed in the crypto industry has reached 11 points (“extreme fear”).

On June 10, Bitcoin fell below $30,000 amid news of accelerating US inflation. On that day, an analyst under the pseudonym PlanC noted that he did not yet see a significant trend reversal in the near future.

The head of MicroStrategy, Michael Saylor, noted that inflation “has not reached its peak, like bitcoin.”

Monday started lower for traditional markets as well. The Hong Kong Hang Seng fell 3.19%, while the Japanese Nikkei 225 fell 3.01%. Futures on the Nasdaq Technology Index shed 4.44% and the S&P 500 shed 2.91%.

Recall that the investment director of Guggenheim Partners Scott Minerd admitted that the cost of the first cryptocurrency could drop to $8,000.

Earlier, Bitcoin critic Peter Schiff called it “highly likely” that the price of the asset would fall to $10,000 in the event of a sharp breakdown of the $30,000 level.

Galaxy Digital founder Mike Novogratz allowed a further decline in the cryptocurrency market. In his opinion, the next few quarters will be volatile due to the negative on Wall Street.

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