Descending, descending, descending! BTC, ETH, and DOGE are all in free fall, which is a nightmare.
The top ten traded cryptocurrencies have dropped by up to 25% in the last 24 hours, indicating that major cryptocurrency prices have plummeted.
Bitcoin had lost 8% of its value, while Ethereum had lost 21% of its value. Binance Coin, XRP, and Cardano all fell by double digits as well. In the previous 24 hours, Dogecoin has lost over 20% of its value.
“The markets are currently being dragged down by bears,” said Edul Patel, CEO and co-founder of Mudrex.
“Despite the fact that this was not a massive panic selling session, the overall market sentiment is gloomy.
“BTC is speculating on the $33,000 mark. The price of ETH plummeted below $2,000, causing panic among cryptocurrencies.
“This level of volatility is likely to persist throughout the week.”
Following China’s severe crackdown on crypto mining, analysts warned that cryptocurrency values were “in jeopardy.”
China Bitcoin and Ethereum miners selling CPUs is not a “surprise,” according to Adam James, senior editor at Hong Kong-based Bitcoin and crypto exchange OKEx.
“[It] doesn’t come as a surprise considering China’s severe crackdown on Bitcoin mining, but the development might be regarded as fundamentally pessimistic, nonetheless,” he said.
“There is a summer slowdown in the crypto market, which may simply be the calm before the storm,” said Alex Kuptsikevich, senior financial analyst at FxPro.
“Any tiny storm might evolve into a large-scale sell-off, disturbing an avalanche of stop orders, if the market is touched by a small number of open positions.
“However, the most concerning aspect for crypto-enthusiasts is that such a result will highlight the extended nature of the correction, heightening concerns about a new ‘crypto winter,’ similar to 2018.”
Bitcoin’s price plummeted in May, shedding half of its worth, and has since been under pressure.
Ethereum, the second-largest cryptocurrency, has also lost more than half of its value, with prices just holding over $2,000 per ether unit.
This blog has since been deactivated. Here are today’s updates.
Following recent advances, the prices of Bitcoin and Ethereum have dropped marginally.
According to CoinDesk, Bitcoin’s value briefly surpassed $33,000 on Wednesday evening, but has since fallen to $32,711.40.
Ethereum’s price has followed a similar pattern, and it is now trading at $1,985.35, up from $2 less than an hour ago.
Blackrock’s chief investment officer has stated that he is. “Brinkwire News in Condensed Form.”