CRYPTO NEWS: BITCOIN BTC PLUNGED 11% SINCE LAST WEEK
Bitcoin, the pioneer, and the most popular cryptocurrency is drowning in bearish since last week. The cryptocurrency market is tumbling and other popular cryptos like Ethereum, BNB, XRP, Cardano, Dogecoin, Solana, Polkadot, Polygon, Shiba Inu, and Avalanche are also facing the same heat.
Meanwhile, the US Stock exchange is also facing experiencing a downtrend for a few days. DOW Jones Industrial Average dropped 0.84&, S&P fell 0.77%, and Nasdaq fell 1.17%. Global shares have experienced the worst week since March.
Bitcoin Analysis
Market cap: $507,035,414,872
Volume (24h): $9,556,944,355
Total Supply: 19,463,681 BTC
Maximum Supply: 21,000,000 BTC
The Bitcoin surge has taken a break and is starting to take a dip and finding support at $25,000. Analysts and crypto experts are warning of another drop towards $22,000.
Let’s analyze the price of BTC from June to August 2023. The price as of June 1, 2023, was $27,218. On June 24, it touched the $30k mark and on July 17, it reached its peak at $31,474. BTC started to fall down gradually from then. On August 18, the price was lowered to $25,409. The current price of BTC at the time of writing is $26,022.03.
The reasons for the price drop
The possible reasons for the cryptocurrency drop in prices could be:
- The fear of interest hikes
- China’s economy
- Elon Musk’s SpaceX is reportedly selling its Bitcoins
- A recent rise in government bonds also has an impact on crypto prices.
- Payments giant PayPal will temporarily halt crypto purchases in the United Kingdom until early 2024.
Cryptocurrency is a volatile market, so invest in the crypto market with caution and with thorough research.
