Another Bitcoin drop in recent days. The entire crypto market is in free fall.
Bitcoin 's price has fallen below $30,000, extending its total losses to more than 50% since hitting an all-time high in April. About a week ago, the cryptocurrency 's price had surged 13% to above $40,000, but has been falling in recent days.
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Meanwhile, other top cryptocurrencies, including Ethereum, Cardano , and dogecoin, are also showing declines like Bitcoin.
The downward trend in digital currencies is affecting the entire crypto market, the total value of which has decreased significantly in the last seven days alone.
According to Nicholas Cawley from the analysis firm DailyFX, the cryptocurrency market is in “free fall.” The latest mining ban imposed by China is affecting the situation, but the overall tone of the market is very negative.
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“Right now, it’s a “guess what” game – whether bitcoin will be above or below $10k in a month, no one knows, and those who tell you they know, don’t. We’ve seen these moves before and we’ll probably see them again“.
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Alex Siman, founder of decentralized social network Subsocial, added: “At this rate of decline, it is difficult to predict the level at which the price will form the basis for an imminent recovery, as large investors who have the ability to reverse prices are choosing to monitor the situation.”
“While we can still see a positive momentum before the end of this year, for me, a sharp drop to $20,000 would not come as a surprise,” he said.
Source: The Independent
