Crypto

Top Reason Why Bitcoin Price Crashed Below $19K

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The lead cryptocurrency, Bitcoin has now plunged to levels never seen before June 2022. The flagship currency has been trading in the bear market for a while now.

At the moment, Bitcoin is selling at $18,771 after a fall of 5.33% over the last 24hrs.

It’s just not Bitcoin, in fact, most of the currencies have fallen prey to the current Bear market as the global cryptocurrency market cap is still below $1 trillion. There is a risk of more downward with uncertainty hovering around the market.

As said along with Bitcoin, altcoins have also been pulled down whereas Ethereum (ETH) has plunged by almost 8%. It’s just not this, there is even massive liquidation.

Bitcoin Bear Market

As per Colin Wu, a crypto journalist, the last 24hrs were a rough ride where Bitcoin and Ethereum dropped by 6% and 8% along with the liquidation amount was $340 million in the last 24hrs. He also says that f2pool that shows the mining pool suggests that T17 M21 which are Bitcoin mining machines have declined below the shutdown point.

Meanwhile, Glassnode reveals that the Bitcoin supply which was not up to the mark in 2021 has now hit an ATH of 12.589M BTC. It also says that increased supply points towards the Bitcoin bear market.

On the other hand, while discussing the global macro conditions, Kevin Loo, lead at investment insights at IDEG Asset Management Ltd, claimed that the current macro conditions aren’t favorable. Hence, he feels that as Bitcoin is below $20,000, the currency could slightly plunge even more.

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