On Saturday, the global cryptocurrency market suffered a further decline as Bitcoin and top-ranked cryptocurrencies were severely affected throughout the day.
Today, the $1.19 trillion cryptocurrency industry is worth less than in July 2017. In the week just past, most of the major cryptocurrencies including Bitcoin Cardano Ethereum Solana and Ethereum have suffered further losses against the US Dollar.
Overall, the leading cryptocurrencies have lost between half and 80% of their all-time price peaks.
The BTC price dropped below $30,000 on Saturday following the release of a critical inflation report on Friday, which showed little indication that price drops will soon begin to cool off.
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Bitcoin Collapses To $27K
Bitcoin (BTC), which is currently trading at $27560.18, has taken a hit and traded as low as $27560.18, 7.8% down in seven days. This occurred after the world’s largest cryptocurrency remained steady at $30,000 for two days.
As stock and crypto markets struggle to recover significant upward momentum after a prolonged sell-off, the dominant cryptocurrency trades within a very narrow range over weeks.
Analysts point out that the reasons behind the drop in cryptocurrency and stock prices are also due to concerns about the U.S. central banking tightening monetary policy and the conflict in Ukraine.
Source: TradingView.com| Source: TradingView.com
Darshan Bathija (CEO and co-founder at Vauld) explains:
“We are witnessing frequent short-term spikes in volatility because market participants are trading inside a restricted range due to uncertainty regarding the crypto market’s response to macroeconomic conditions.”
Today, 6.1% has been lost in cryptocurrency markets. This figure is less than what was recorded at the market’s lowest point in July 2021 when it reached $1.32 billion. Since the beginning of February 2021, prices have not fallen this low for all crypto-economies.
Bitcoin fell to two-week lows on June 11 as bears concluded the week’s trading on Wall Street.
‘Substantial Rebound’ Ahead
The BTC/USD pair fell in tandem with stock markets on Friday, wrapping up the week with a hefty loss – the S&P 500 and Nasdaq Composite both dropped 3% and 3%, respectively.
Meanwhile, despite the negative reports, investors can anticipate a “substantial rebound” in the fourth quarter of this year for the USD value of bitcoin.
Nigel Green (CEO and Founder deVere Group), believes that Bitcoin is closely associated with stock market globalization, so a bottom for all is possible.
“I believe that we’ll soon see a bull run that will lead to a significant bounce in the fourth quarter of the year for the world’s leading digital currency,” Green said.
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Image from Inc Magazine. Chart from TradingView.com.
