Last updated on August 26th, 2022 at 03:22 pm
The wave of free fall in the cryptocurrency market is not over as the leading crypto Bitcoin (BTC) on the early morning of Monday, June 13, 2022, dipped below $24K.
Specifically, BTC was trading at $23,607.69 at the time of this report (13:13), other major cryptocurrencies Ethereum (ETH), Solana (SOL), Litecoin (LTC), Binance Coin (BNB), Ripple (XRP), and Chainlink (LINK) among others are badly hit.
At about 24 hours ago, BTC was worth about $27,000 before the massive crash across the board which analysts say more than $100 billion have been wiped from the combined crypto market.
Bitcoin price review
The last time bitcoin traded below $24,000 was December 25, 2020. It boxed its way from the second day to close the year at $28,841.57/BTC.
By the end of January 2021, BTC reached $34,270.88 with a market capitalization of $616,452,744,533 and continued with the charming news through February which ended with love traded at $46,194.02.
With the little challenges on its way in March 2021, it peeped through the $60K window on March 14, 2021, by reaching $61,221.13 before falling below $60 and ending the month at $58,930.28.
However, it fell back below $40K by ending May 2021 at $35,658.59, the trend it maintained through June before rolling back to $42,196.30 in July the same.
By November 10, 2021, bitcoin reached an all-time high of $68,789.63 with $1,226,431,510,693 market cap that day, throwing wild excitement in the crypto world. It fell back to end 2021 at $47,169.37/BTC
Is it the first time Bitcoin crashed?
The latest fall isn’t the first time the world’s most valuable digital asset would be crashing massively. For instance, in mid-2021, it fell from over $60K to below $30K.
Its all-time high of nearly $69,000 was ephemeral as it dropped to $38,481.77 by February 1, 2022. Since then, it hung on $40K to $30K until May 12, 2022. It fell below $30K ($28,936.73).
While the May price sent panic sales among some holders (who are not long-term investors), the latest crash has sent further panic into crypto traders.
Why Crypto Crash
The warning from U.S. Treasury secretary Janet Yellen about cryptocurrency may not be the chief reason the world is experiencing the highest fall between 2021 to 2022, crypto is known to react to monetary policies of bigger economies.
The latest crypto sell-off was partly in reaction to fears that the Federal Reserve could roll out firm policies to fight to drive down inflation.
And before the Federal Reserve’s latest move, the cryptos have been falling steadily over the last six months, even as trust issues bedevilled Do Kwon’s Terra Luna coin.
Altcoins Badly Hit
Price of altcoins like Litecoin, BNB, XRP, Solana, and Ethereum and other smaller cryptocurrencies are also showing red with ETH -17.19%; Solana -18.24; XRP -11.64, and BNB -13.90; Cardano (ADA) -13.45; Chainlink (LINK) -18.44 and Dogecoin, Wrapped Bitcoin; Stellar (XLM)BNB -13.2%, Solana, Cardano all seeing double-digit percentage declines over the last 24 hours, data on CoinMarket shows.
A crypto enthusiast asked:
Crypto at free fall. Buy or Bye ?
Cryptocurrency investing is volatile, invest wisely.