Bitcoin Continues to Plummet, Reaching New Lows
Bitcoin’s price woes persist as the asset continues to drop, hitting its lowest point since late February at $53,000. The cryptocurrency has experienced a significant decline of $17,000 since last Monday, marking one of its worst weekly performances in history.
The Bearish Trend Continues
- Bitcoin fell from $66,000 to $62,200 following a weak US jobs report, setting the stage for a downward spiral.
- Over the weekend, bears controlled the market, pushing BTC below $60,000 for the first time in three weeks.
Further Decline and Market Volatility
- On Sunday, Bitcoin dropped to $57,000, leading to liquidations totaling over $350 million and later soaring to $830 million.
- Monday saw another price drop, with the cryptocurrency hitting $53,000 on Bitstamp, the lowest level this year.
Possible Causes for the Continuous Crash
Several factors may be contributing to Bitcoin’s ongoing decline:
- Uncertainty in the US economy
- Investors withdrawing funds
- Actions by major companies like Jump Crypto moving ETH, potentially signaling a market sell-off
Last week, Bitcoin touched $70,000 before plummeting by $17,000. Altcoins like ETH also suffered, dropping 20% during the same period.
Hot Take: Keep An Eye on Market Volatility
As Bitcoin continues its downward trend, it’s crucial to monitor market volatility and external factors for potential insights into future price movements. Stay informed and exercise caution in the volatile crypto market.
Sources:
– Jump Crypto
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