The world’s foremost cryptocurrency, Bitcoin, has had an eventful week as it briefly hit the $22,500 benchmark on Friday. For the last month, Bitcoin has had a difficult time trading at below $20,000. Detractors even went so far as to predict a $12,000 drop for the token amid the broader market’s bearish turn. It rallied and broke the $22,000 resistance level before falling again. Bitcoin traded at $20,000 today, after climbing back.
As the crypto industry struggles with inflation and bearish turn, Celsius’s price plunged 17%. CEL token soared 13% Sunday, but then fell to $1.43 Monday from its $1.7 high. The crypto price is currently at $1.70.
Read Related Article: Cardano’s Price Could Be on the Verge Of A Second Decline
Multipliple Events Confront Each Other, Creating Extreme Volatility in Crypto Market
As several major events are clashing, this season can be volatile for crypto markets. On the one hand, there is the Ethereum Merge, a movement from the protocol’s PoW consensus to the energy-efficient PoS. Much hype has built up around the much-anticipated event, which is causing market reactions. The event will be held this November 15th, after several postponements caused by delays in development.
CPI will be released on September 13th, which analysts believe will have an impact on the cryptocurrency market. CPI will be released on September 13. Some believe that CPI would have a greater impact than the Ethereum Merge and determine crypto’s price in the future. This, along with the rapidly rising inflation rates have caused crypto to spiral continuously.Source: BTCUSD chart at TradingView.com
Wider Crypto Market is Bleeding
The weekend gains have slowed the market’s progress, and the market continues to plummet. Ethereum trades at $1581. It is currently down 5% Cardano’s native currency, $0.4783 has fallen to $0.5209 after it was trading at $0.5209 the previous weekend. The DOGE is now down around 7% after its weekend peak. It currently trades at $0.06067. As for XRP, it has declined sharply from Friday’s $0.3606 gain, dropping to its current $0.3371.
BTCUSD September 14, 2022| BTCUSD September 14, 2022
In the crypto bear market, most altcoins have fallen by at least 8 percent. Bitcoin could also follow suit if its price drops below $20,000. There are mixed emotions among traders and investors about the King Coin. It could soar to $22,000. Others predict that it will reach a lower zero point. The most widely quoted figure for Bitcoin’s expected zero is $12,000
Featured image taken from Pixabay. Chart from TradingView.com