Bitcoin drops below $20,000 as crypto meltdown continue
Bitcoin drops below $20,000 as crypto meltdown continue
New York (CNN Business)The price of bitcoin breached $19,000 and ethereum fell below $1,000 Saturday morning, extending the brutal crypto bear market to new lows.
New York (CNN Business)The price of bitcoin breached $19,000 and ethereum fell below $1,000 Saturday morning, extending the brutal crypto bear market to new lows.
Bitcoin plunged nearly 10% in less than 24 hours, adding to a series of sustained losses over the last several months. It now sits below $20,000 for the first time since November 2020
Bitcoin plunged nearly 10% in less than 24 hours, adding to a series of sustained losses over the last several months. It now sits below $20,000 for the first time since November 2020
down more than 70% from an all-time high of $68,000 per coin in November 2021
down more than 70% from an all-time high of $68,000 per coin in November 2021
B itcoin has lost $900 billion in value since that peak.
B itcoin has lost $900 billion in value since that peak.
Ether is also experiencing a so-called crypto winter. The second-largest digital token plummeted 10% on Saturday to $975
Ether is also experiencing a so-called crypto winter. The second-largest digital token plummeted 10% on Saturday to $975
its lowest level since January 2021. The coin has lost 80% of its value from its record high last November.
its lowest level since January 2021. The coin has lost 80% of its value from its record high last November.
The massive crypto meltdown is part of a larger market downturn brought on by elevated inflation, rising interest rates,
The massive crypto meltdown is part of a larger market downturn brought on by elevated inflation, rising interest rates,
war in Ukraine, Covid lockdowns and supply chain chaos.
war in Ukraine, Covid lockdowns and supply chain chaos.
This week, the Federal Reserve increased interest rates by 75 basis points, the largest hike since 1994
This week, the Federal Reserve increased interest rates by 75 basis points, the largest hike since 1994
The change led to a retreat from all assets. The S&P 500 is also in a bear market and posted its worst week on record since 2020.
The change led to a retreat from all assets. The S&P 500 is also in a bear market and posted its worst week on record since 2020.
The crypto world is reeling from the $60 billion collapse last month of two other major tokens, Terra-Luna and Celsius
The crypto world is reeling from the $60 billion collapse last month of two other major tokens, Terra-Luna and Celsius
Those losses have increased doubts about the general stability of digital currency.
Those losses have increased doubts about the general stability of digital currency.
The pandemic brought a period of hypergrowth to the crypto sector as young investors suddenly flush with stimulus cash sought to invest in digital currency and meme stocks
The pandemic brought a period of hypergrowth to the crypto sector as young investors suddenly flush with stimulus cash sought to invest in digital currency and meme stocks
Between March 2020 and November 2021 bitcoin's price rose twelve-fold to $64,000.
Between March 2020 and November 2021 bitcoin's price rose twelve-fold to $64,000.
Now, crypto-adjacent companies are struggling to survive. Coinbase laid off 18 percent of its employees in June. Gemini, BlockFi and Crypto.com also are cutting jobs.
Now, crypto-adjacent companies are struggling to survive. Coinbase laid off 18 percent of its employees in June. Gemini, BlockFi and Crypto.com also are cutting jobs.
Still, even at $20,000, about half of all bitcoin wallets are still sitting on profits, according to an analysis by the Columbia Business School cited by The New York Times. The study also found that 61% of bitcoin addresses had not sold anything in the last 12 months
Still, even at $20,000, about half of all bitcoin wallets are still sitting on profits, according to an analysis by the Columbia Business School cited by The New York Times. The study also found that 61% of bitcoin addresses had not sold anything in the last 12 months
suggesting that a total run on crypto may be avoidable.
suggesting that a total run on crypto may be avoidable.
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