Bitcoin Could Go to US$0 in the Coming Days, Critics Mock

Bitcoin
Bitcoin

The Bitcoin price dived below US$20k and experts believe it will plummet further down

The cryptocurrency domain is in a full-on meltdown mode. Even just a few months ago, the crypto market was in full swing as Bitcoin reached its all-time high of over US$68,000. Currently, Bitcoin and most other cryptocurrencies are plunging and major cryptocurrency companies like Coinbase, Crypto.com, and BlockFI are laying off thousands of employees to cut down on costs amid uncertainties and extreme market volatility. Experts believe that major cryptocurrencies like Bitcoin and Ethereum are being hit hard by the same factors that have massively affected stocks and other assets. Consumer prices are increasing at the fastest annual pace in over four decades, and at the same time, the Federal Reserve is hiking interest rates quite ambitiously intending to reduce inflation. The Bitcoin price took a deep plunge again as it fell below US$20k. Crypto critics are now mocking Bitcoin, saying that it would now definitely drop down to US$0.

According to coinmarketcap, the Bitcoin price is currently trading at around US$19,000, at the time of writing the article. The BTC price has risen from its lowest value of US$18,000. The fall of Bitcoin’s price has resulted in deepening the stress within the crypto industry and are piling up against monetary tightening and rising inflation. When BTC fell, it also took down Ethereum, bringing down its value by almost 11% to around US$900, the lowest since January 2021. It seems like the crypto market initially fooled its investors by showing robust potential in generating profits, while it really is an extremely volatile market and the skepticism of the crypto analysts and experts have been accurate all along! Besides this, the higher interest rates are making borrowing costs more expensive for people and other crypto investing companies, which is raising concerns in the economic landscape. Even the global stock market has fallen dramatically, with the broader S&P 500 companies entering a bear market this week.

Bitcoin has fallen below US$20,000 taking down all major cryptocurrencies

The crypto market has suffered one of the most dramatic sell-off seasons that it has seen over the past couple of years. The top cryptocurrency prices have declined as much as over 35% as the investors fear the broader economic market will face more recession in the coming years. The crypto market has massively suffered after the fall of Bitcoin. The sharp fall and breach below the prime support point of US$40k brought BTC in quite close proximity to the Bitcoin death cross, which is, in turn, scaring investors away from the crypto market.

For investors who are unaware of the phenomenon of the death cross, the formation of the death cross indicates the potential for a major sell-off. The death cross measure demonstrates the pattern whenever a crypto’s average price over the last 50 days drops more than its 200-day moving average, a measurement that shows the asset’s downtrend momentum. Bitcoin’s current market movements are evidently indicative that the crypto will soon enter the death cross phase. To make matters worse, the latest crypto market crash has occurred at a time when investors have grown immensely worried about the macroeconomic conditions and the Federal Reserve’s efforts to curb inflation as soon as possible.

Is it the right time to buy the Bitcoin dip?

Experts have suggested investors not buy the dip right now because the price of Bitcoin is at its most volatile stage right now. Bitcoin’s price seems to slide down as soon as it attains stability at a price. Anti-crypto professionals are mocking the crypto as they predict that it might fall as low as US$0, totally disintegrating into oblivion. As the broader financial market seems to be at risk, so are all global investors. A fundamental change is long overdue which might initially enhance the value of the cryptocurrencies.

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