Cryptocurrency

Panic in the Crypto Market as Bitcoin Slides towards 30k

Panic in the Crypto Market as Bitcoin Slides towards 30k

  • There was an increased selloff in Bitcoin market on Monday as the flagship cryptocurrency moved closer to $30,000
  • Investors maintain watch to see if the world’s largest cryptocurrency will fall below the support and pushing for its lowest point in 2021
  • Other cryptocurrencies have joined the fall of BTC, with ETH and BNB losing 5% and 7% of their value

Bitcoin dropped to $30,400 on Monday, as the flagship cryptocurrency continues a downward slide from last week.

Bitcoin

The world’s largest cryptocurrency has lost 3.3% of its value in the last 24 hours and 8.64% in the last week.

The drastic drop in the value of the cryptocurrency has been triggered by a huge sell-off among holders.

Analysts have predicted that a break below the 30k resistance could force the flagship cryptocurrency to drop to $25,000.

Since reaching an all-time high of $64,000 in April, bitcoin has lost more than 50% of its value largely due to a crackdown on cryptocurrency and concerns about its energy consumption.

Meanwhile the second largest cryptocurrency in the world Ethereum has lost over 13% this week and 5% in the last 24 hours.

Overall, the market evaluation of Bitcoin stands at $577 billion while ETH has a market cap of $213 billion.

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