As we all know cryptocurrency including bitcoins and many others goes really down.it went to its highest peak as bitcoin reaches 69000 USD in November 2021 and now meltdowns to 35000 USD. This was a massive crash and people got a lot of loss in there. They were completely wiped out. Other digital currencies, Ethereum, Finance Coin, and Cardano also witnessed similar meltdowns. Solana, Dogecoin, and Shiba Inu also saw massive drops.
Bitcoin price today continued the declining trend by trading below the $39,000 level, hit by investors’ weakening sentiment. The world’s most popular and largest cryptocurrency by market value tanked over 7% to $38,802. Bitcoin has slipped more than 14% since the start of this year (year-to-date or YTD). Meanwhile, the global cryptocurrency market cap today plummeted over 5% to slip below the $2 trillion mark at $1.98 trillion, as per Coin Gecko, dragged by the crash in crypto prices today.
Bitcoin has been on a rollercoaster ride of late, rising and falling sharply on the back of a number of news stories. But it is not the only cryptocurrency to have a tumultuous end to 2021. A downturn in global stocks, due to the uncertainty around a new Covid variant and high inflation, spilled over into the cryptocurrency market, combined with fears over further regulation.
The price of bitcoin and a number of other notable digital assets dropped heavily at the start of December. In early 2022 cryptocurrencies fell again: Bitcoin’s price dropped to around $40,000 per coin on 21 January. Fears over US interest rate hikes and China’s continued crackdown on crypto are playing a part. There has also been speculation that Russia could ban crypto operations in the country.
Crypto Crash China
China’s central bank announced yesterday that all crypto-related transactions are now illegal. The country also declared all financial transactions involving cryptocurrencies against the law. China has been at odds with the freedom of crypto mining and trading, as it has been testing and developing its own digital currency, the electronic Chinese yuan, The largest and most popular cryptocurrency, Bitcoin, took one of the steepest falls Thursday and continuing into Friday amid the China ban. Bitcoin had been hovering around $50,000 a couple of weeks ago, and as news broke, fell to almost $41,000. Although there was some recovery during the day, it currently stands at around $42,000, having almost 6% wiped off as a result of yesterday’s news.
Bitcoin Crash Again
Some experts believe bitcoin is due for a sharp decline in the coming months. The cryptocurrency surged to a record high of almost $69,000 in November. It’s now sitting below $50,000, down almost 30% from its peak. Wall Street wisdom defines bear markets as a decline of 20% or more from recent highs, but it’s worth noting bitcoin is notorious for its volatility. Carol Alexander, professor of finance at Sussex University, said she expects bitcoin to tank to as low as $10,000 in 2022, virtually wiping out all of its gains in the past year and a half. “If I were an investor now, I would think about coming out of bitcoin soon because its price will probably crash next year,” Alexander said. Her bearish call hinges on the notion that bitcoin “has no fundamental value” and serves as more of a “toy” than an investment.
The market value of the world’s cryptocurrencies plunged another $300 billion Sunday morning, hitting a new post-peak low of $1.2 trillion by 12:30 p.m. EDT after plummeting to about $1.4 trillion early Wednesday. Save for a handful of stable coins (whose prices are pegged to a specific fiat value), there wasn’t a single cryptocurrency among the top 100 by market capitalization that hadn’t fallen in the past 24 hours. The market, which peaked at nearly $2.6 trillion, plummeted more than 50% in just 11 days as bitcoin, ether, dogecoin, and Cardano plunged 31%, 47%, 43%, and 50% over the past week, respectively. Analysts are pinning recent losses to investor fears over strengthening crypto-regulation in China, where authorities on Friday pledged to “crackdown on bitcoin mining and trading behavior” in an effort to “resolutely” control financial risks. The stark warning came just three days after the nation’s financial regulators issued another notice that helped spark the mid-week plunge, telling banks and payments institutions that conducting any business with cryptocurrencies was prohibited and subject to penalization.
why is crypto crashing Reddit?
The past year was in many ways a defining one for the crypto industry. Bitcoin, the most popular coin, reached an all-time high of around $65,000 in mid-April before witnessing a spectacular fall in the summer that saw the price shrink by almost half to around $30,000. The coin had begun the year trading at near $29,000. Other coins like Ethereum underwent a similar high and low, highlighting the risks associated with investing in crypto but also underlining the resilience of the blockchain technology in the face of regulatory and trust hurdles. Institutional and celebrity endorsements of crypto reached a record high in 2021 as well. These were picked from a careful assessment of comments published on different Reddit forums over the past twenty-four hours. The details of each cryptocurrency are mentioned alongside a discussion around top companies working in the sector to provide readers with some context for their investment decisions.
So that is what brings us to the end of this article, this article is about the current conditions of the crypto industry and the huge loss in the crypto market and crashing of the bitcoin. That sudden news was so sad. I am pretty sure that this might have helped you in understanding the myths of dos and don’ts for the crypto industry