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.
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.