Bitcoin Dips Further As Crypto Market Closely Mirrors Late 2018
On Monday, November 21, 2022, the price of Bitcoin took a really fatal plummet. Glassnode, the famous crypto analytics firm, reported that the current deplorable state of the market is causing crypto investors and longtime Bitcoin holders to panic. The state of the market has been said to closely resemble the late 2018 bear market.
Bitcoin Price Plummets Drastically
Alongside the prices of stocks, bitcoin has taken a drastic dive in price to about $16,000, leaving it the lowest it has been in a very long time.
About a couple of days ago, the famous crypto exchange FTX filed for bankruptcy, and since then, things have not remained the same in the crypto industry. Since the collapse of FTX, the prices of cryptocurrencies have been greatly unstable, among other drastic effects.
Before the FTX collapse, the price of Bitcoin was relatively low, but it did not dip below $19,000 too often. However, since then, Bitcoin has suffered a drastic fall in price.
As of right now, the price of bitcoin has fallen by about 70% since it was really high last year.
The last time the price of Bitcoin was at least above $50,000 was December 2021, and compared to now, that is a really long time away.
Experts like the famous economist Nouriel Roubini have also continued to predict an even more intense fall in the price of bitcoin.
Sometime last week, Dr Doom (Nouriel Roubini) took to his Twitter page to predict that the fall of DCG will drastically cause a plummet in the prices of cryptocurrencies, most especially Bitcoin.
Crypto Investors And Bitcoin Holders React
According to the crypto analytics firm Glassnode, the current drastic fall in the price of Bitcoin has greatly shattered the confidence of crypto investors and Bitcoin holders.
In the report made public yesterday, Monday, November 21st, Glassnode stated that according to its study of the fund inflow across major crypto exchanges, the majority of Bitcoin whales now suffer varying degrees of losses.
According to the report, while the dollar deposits in the crypto exchanges increase, they do not show a corresponding rise in yields. The current situation of the market has been said to greatly resemble that of the bear market cycle in 2018–2019.
However, on the other hand, a couple of Bitcoin investors interviewed have expressed their faith that this current phase will pass. A prominent example will have to be El Salvador Nayib Bukele, who, on the other hand, last week announced his intention to purchase bitcoins starting November 18th.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.
