Connect with us

Business

Cryptocurrency Bitcoin Price Plummets After Wall Street Selloff

Published

on

Cryptocurrency Bitcoin Price Plummets After Wall Street Selloff

Over the past 24 hours, Bitcoin has fallen below $47,000, a drop of almost 10%%. With this drop, Bitcoin price has fallen to its lowest point since May 15, when it briefly dropped below $33,000.

After hitting a high of $57,206 earlier this week, BTC prices fell 26.4% to $42,268 before recovering back to the $45k mark. Data from Coinglass indicates that the Bitcoin market has seen total liquidations of $1.3B in the past hour, including $735M liquidated in BTC longs.

Consequently, Bitcoin’s bear market cancels out the two-month bull market since Sept. 29, when BTC soared over 63% to become the most valuable coin in history by Nov. 08, reaching $67,602. TechDev points out, however, that Bitcoin’s price action has followed a similar trend year after year.

A second factor for Bitcoin’s two-month bearish streak is the fact that federal US regulators have invited CEOs of prominent crypto exchanges such as FTX and Binance for a hearing on crypto-assets.

However, some believe that following the decline, the price of Bitcoin can now stabilize. In one example, CEO of crypto educational platform Eight Global Michael van de Poppe said:

In spite of concerns regarding volatility and non-compliance with traditional financial practices, Bitcoin is still proving to be a viable asset for jurisdictions with unstable economies.

During Saturday’s 18:02 GMT, Bitcoin lost $5,346.13 from its previous close, dropping 9.95% to $48,397.56.

Ether, the cryptocurrency linked to the ethereum blockchain network, fell 4.67 % to $4,025.67 on Saturday, losing $197.13 from its previous close.

Related News:

How to Store Bitcoins? Learning Certain Ways to Secure Them

How Does Bitcoin Mining Work?

Top 5 Cryptocurrency Exchange Sites

Continue Reading