Bitcoin, the most popular cryptocurrency for the whole world, fell below the critical level of $ 30,000. It can be clearly observed that there is a market crash that continues to affect all major cryptocurrencies.
Bitcoin has been trading sideways for weeks, moving up and down in a narrow channel around $32,000 to $34,000.
There was talk of an occasional upside break in the cryptocurrency market. But for most of the past month, there have been whispers of a potentially major correction for cryptocurrencies on a backdrop of inflation, Chinese government-enforced restrictions, and government-backed stablecoins. In addition to all this, the economic shock of Covid cannot be ignored.
What was the last point that broke the glass?
With the impact of Covid-19 on global stocks, Bitcoin fell below $30,000 in the early hours and dropped to $29,585. This looks like it could be a tipping point for Bitcoin.
Ethereum dropped from $1,821 to $1,728, Cardano to $1.05, Litecoin to $105 and BNB to $259.
Worryingly, few analysts are willing to add to the view that there will be a positive return to this morning’s reds in the markets. In addition, many analysts think that the downward movement will continue.
The combination of inflation and weak recovery as a result of this morning’s dramatic move also shook the nerves in the Dow Jones, NYSE and Nasdaq. After a big sale in the world stock markets, almost $ 100 billion was dust.
Latest situation in the cryptocurrency market
The market is far from the record highs of April when Bitcoin broke 65,000, Ethereum 4,196 and Cardano $2.46.
Despite the backlash to stock markets, inflation, and recovery programs, it still points to the Chinese government’s growing disdain for the cryptocurrency market. Beijing recently warned companies not to offer or deal with cryptocurrency. It has forced thousands of Bitcoin miners to shut down their operations or move out of the country.
At the time of writing, Bitcoin is trading at $29,770, Ethereum at $1,760, Cardano at $1.06, Litecoin at $106 and Binance Coin at $266.