Cryptocurrency prices continue to tank, with Bitcoin dipping below $19,000 and Ethereal sliding below $1,000!
Here is what you need to know…
Crypto Prices Tank : Bitcoin Below $19K, Ethereum Below $1K!
The week is ending on a bad note for cryptocurrencies, as prices continued to tank.
On early Saturday morning, Bitcoin crashed through the $20,000 line, and smashed right through the $19,000 line, trimming 7.4% of its value in less than 1.5 hours!
The $20,000 mark was psychologically-important because Bitcoin first hit it in December 2020. It was also the peak of its last bull run, when it hit a high of $19,834 in December 2017.
Bitcoin has, for the first time, fallen below the peak of its prior bull run; which may well spook traders, if not the HODLers.
It hit the bottom (so far) of $18,811.40 at 8:20 AM, before recovering slightly to hover around the $19,000 to $19,500 range.
Ethereum did even worse, falling from $1,069.70 to just $977.37 – wiping out 8.6% of its value in less than 2 hours!
It recovered, but hovered under $1,000 for most of the day, before dipping to another low of $978.91 at 4:50 PM.
Ethereal first hit $1,000 in January 2018, and never dropped below $1,000 after January 2021.
Will Bitcoin, Ethereum Prices Continue To Tank?
Bitcoin and Ethereum are now trading almost 60% lower, compared to last year; and Bitcoin is down over 72% from its all-time high of $68,990.90.
While many HODLers and crypto traders are hoping that this is the bottom, this may only be a short respite before a larger sell-off.
Investors may be forced to liquidate their positions after these psychological lines were breached, possibly triggering a vicious cycle of forced selling and falling prices.
As inflation remains red hot, with rapidly rising interest rates amidst recession fears, there is significant pressure to sell risky cryptocurrencies.
So look forward to more sell-offs, and both Bitcoin and Ethereum breaching more resistance levels. The 2022 Crypto Winter may well be here…
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Dr. Adrian Wong has been writing about tech and science since 1997, even publishing a book with Prentice Hall called Breaking Through The BIOS Barrier (ISBN 978-0131455368) while in medical school.
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