Bitcoin Price Drop Hits Six-Month Lows
The price of Bitcoin (BTC) lost 7.5% in the last 12 hours, falling to a 6-month low of $43,328 at 4:00 UTC yesterday to $38,258 at 4:00 UTC today.
At the time of writing, Bitcoin was trading at $38,761 USD.
Today’s price crash has so far wiped out approximately $50 billion from the broader cryptocurrency market. The total market capitalization of the cryptocurrency market has been slowly declining since early November 2021, when it peaked at $3 billion.
Without a single explosive news that many can blame for the sell-off, investors are wondering what caused the price action. Some pointed to macro indicators, technology stocks of the Nasdaq enters “correction territory” and several interest rate hikes are expected in 2022.
But the price of Bitcoin moves in mysterious ways. It could well be the news that Bitcoin bull Raoul Pal has apparently sold all of his Bitcoins and there is only one left…
Rekt Capital’s Twitter account noted that the current trend “shares some similarities with price action at the end of September 2021.” During this time, Bitcoin fell multiple times from around $52,000 to around $41,300 from September to October. It rose to around $69,000 USD in early November.
The InvestAnswers account with more than 85,000 followers suggested that bears “need a bitcoin under $41,000 to pocket $132 million in profits.”
Bitcoin is not the only cryptocurrency dipping today Ethereum (ETH), Binance Coin (BNB), Solana (SOL), Cardano (ADA) and Ripple (XRP) all saw severe corrections between -6.3% and -10% on the last 12 hours.
Of all the top ten coins by market cap, ADA suffered the largest overall losses as it fell 10% to $1.21 USD. Today’s buggy launch of SundaeSwap didn’t seem to help.
Forbes contributor Billy Bambrough suggested in an article today that investors have been unsettled by recent announcements by the Federal Reserve that it will shrink its balance sheet and raise interest rates.
By Brian Newar, Cointelegraph
Brian Newar has been exploring and writing about the blockchain industry since 2017. Born and raised in the United States, Brian is based in South Korea, where he has covered the local blockchain industry, with a focus on regulations and cryptocurrency exchanges.
The opinions expressed herein are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and trading move involves risk, you should do your own research when making a decision.
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