Crypto investors, and traders are having their fair share of the dark moments in the market. Bitcoin plummeted to its lowest level since December 2020.
The father of all Cryptocurrencies, Bitcoin, slash prices down to the range it began the year with. Since the collapse of the TerraUSD, Bitcoin’s price has been unstable as it fell over 10% in the last 24 hours.
The Cryptocurrency market has experienced a downturn in general, as the entire market capitalisation slid under $1 trillion dollar. Some of the triggers were the ill-sounding announcements that were made regarding crypto withdrawals from Celsius, the Crypto lending platform, the brief pause of withdrawals of $BTC on Binance et cetera.
For alt coins, the matter of being red isn’t the current contention but, how much red. ETH being the second largest Crypto after BTC was hit hard as it traded around $1,000 as it was off over 17%. 3iQ Digital Asset’s Head of Research Mark Connors, opined that the market is currently in a storm. With the current tide of Cryptocurrency, if BTC goes below the $20,000 mark it’d get bloody for traders.
speaking of which bitcoin has currently dip to $20,185 this morning as of the time of writing.
As it is, $300M worth of Bitcoin has been liquidated in the past 24 hours.
According to Fabio Pezzotti, CEO of crypto investment fund Iconium, he affirmed that Celsius’s action to pause withdrawals on its platform was a preventive measure to help the firm stay stable on the liquidity pool on the generally known Ether.
The permissionless nature of Cryptocurrencies has bad sides as anyone could list a chain and users will come onboard.
Hopefully, the market retracts and trends become bullish.
