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One of my daily routine whenever I wake up every morning is to always visit Twitter just to get updated with whatever is going on around the world. I was astonished when I saw Bitcoin, Cryptocrash and $1 Trillion trending on my twitter search feed.
At first I never believed some of the images I saw on my Twitter feed not until i decided to check my portfolio and I could observe the price of Bitcoin falling below $22,000 and there was also a drastic decrease in value in my wallet portfolio. This is definitely what most crypto traders and investors are experiencing right now except for those who had the opportunity to trade or convert their cryptos into stable coins.
According to a source from decrypt , it was observed that the combined market capitalization of all cryptocurrencies crashed down to $969 billion yesterday as analysed by decrypt news below;
The plunge of more than 12% over the last day amid a wider market rout has taken the total market cap of all cryptocurrencies to levels not seen since February 2021, nearly 18 months ago. That's a drop of around 200% from its all-time high of approximately $3 trillion last November, during a market bull run that saw Bitcoin reach an all-time high of almost $69,000.
Most people never expected the drastic fall of BTC dropping from $29,000 down to almost $21,000 as this led to a great surprise to most crypto investors and Bitcoin hodlers. Also, most people couldn't give an conclusion about the cause or reason of the drastic Bitcoin dip we are presently experiencing at the moment.
A source from fortune.com stated the below quoted context;
The wider cryptocurrency market began to fall after the Bureau of Labor Statistics released monthly inflation data from the consumer price index (CPI) on Friday morning, showing an 8.6% year-over-year increase in May. That was higher than Wall Street consensus estimates and set a new peak for the emerging era of high inflation in the 2020s (the previous peak was 8.5%).
Another source from bitcoin.com also shared a statement by Economist Peter Schiff who was advising people to avoid buying the Bitcoin dip as quoted below;
Economist and gold bug Peter Schiff has made some dire predictions about cryptocurrency, particularly bitcoin and ether. He explained that “The need to sell bitcoin to pay the bills will only get worse as the recession deepens,” adding that bitcoin is poised to crash to $20K while ether will sink to $1K.
Even though some other well known crypto analyst aren't really saying anything as regards to the current Bitcoin dip but some top Bitcoin investors like Micheal Saylor and other crypto tycoon are still very optimistic about good positive performance of Bitcoin.
This connotes that there are still people who believe more in Bitcoin while others were selling their cryptos due to extreme fear which led to the suspension of Bitcoin withdrawal on some cryptocurrency exchanges.
The Big Question
I don't really have any intention of making this post lengthy but I intend to make this post more interactive by you sharing your opinion about what you think will happen to Bitcoin in the coming weeks.
Will Bitcoin fall below it support range of $23,000? or Do you think Bitcoin is trying to rebalance to attain a new All Time High?
Feel free to share your opinion and view in the comment section.
Thank You For Your Time and Don't Forget to Share Your Opinion via the Comment Section
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About Me
I am Adebola by name and I'm also a graduate of Agricultural Engineering (BSC). I am someone who cherish self development and being productive is in my DNA, this is why I am always open to learning from anyone and I love making research. I have been in the crypto space for the past five years and my level of enthusiasm for cryptocurrency and blockchain technology keeps increasing day by day. My hobbies are reading, writing, eating, engaging in agricultural operations, travelling, designing and blogging. My skills include Content writing, Graphic Design, UI/UX (Product) Deisgn, Copywriting, Internet Marketing, Blogging, Research and Coding (Novice). Feel free to connect with me via;
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