Bitcoin and Ethereum are rebounding from their lows after their record-breaking slide. It is now down more than 30 percent in a week and it is unclear if prices will recover. Just a few days ago, we reported that Bitcoin cryptocurrency was losing more and more value and scratching the magical $20,000 mark. Bitcoin has since bottomed out at $18,000 and has bounced back a bit.
Bitcoin fell to its lowest level since late 2020. The reasons for this are many. Noisy Bloomberg this was also a record-breaking 12-day price drop. There have always been falls in value in Bitcoin’s history – and the cryptocurrency has bounced back time and again and later headed for a new all-time high. Infographic Trading Bitcoin, and ETH: Where Crypto Fans Cashed In in 2021 The crypto market as a whole is now at a fraction of what it was at the end of 2021 when Bitcoin traded for about $69,000.
Cryptocurrency’s total market cap was $881 billion on Sunday, less than a third of its November 2021 level, according to Bloomberg. Ethereum fell a whopping 19 percent to $881, its lowest level since January 2021.
A quite Negative mood
“What we’re seeing is more liquidations driving down prices and sentiment, which in turn leads to more liquidations and negative sentiment – some flushing is still needed, but that will eventually wear off,” said Noelle Acheson, head of Market Insights at Genesis, one of the largest and most well-known lenders in the digital asset space.
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