[ad_1]
The price of bitcoin has fallen below $ 30,000, bringing its total losses to over 50% since reaching an all-time high in April.
The cryptocurrency has suffered several price drops in recent days, having traded above $ 40,000 just over a week ago.
>> Follow all the latest updates with live coverage of the crypto market by The Independents
Several other leading cryptocurrencies reflected the latest bitcoin crash, including Ethereum (ether), Cardano (ada), and dogecoin.
The market-wide crash pushed the aggregate market capitalization of all cryptocurrencies combined below $ 1.2 trillion for the first time since February. Half a trillion dollars has been wiped off the market in the past seven days alone.
advised
The crypto market is in free fall with easily broken support levels.
It’s a guessing game right now, bitcoin will rise or fall by $ 10,000 in a month, no one knows and those who tell you they know, don’t. We’ve seen these moves before and will likely see them again. If you believe in and own cryptos, your exit strategy has just been pushed further.
Alex Siman, founder of the decentralized social network Subsocial, added: At this rate of fall, it is difficult to predict the level at which the price will form a baseline for an imminent rebound, as large investors with the potential to reverse the prices choose to watch from the sidelines.
While we may still see some positive momentum before the end of this year, for me steeper drops to $ 20,000 won’t be a surprise either.
[ad_2]
picture credit