Bitcoin price dropped below $21,000 in the last 24 hours. Many market participants describe a gloomy mood.
Stock market turmoil, rising interest rates and high inflation continue to characterize the market, and for major cryptocurrencies, the start of the week was groundbreaking.
A single bitcoin has cost at least $20,950 in the past 24 hours — and has thus fallen below the new $21,000 limit, according to figures from Queen Market Cap.
Since then, the value of the digital currency has fluctuated upwards, but is still down about 12 percent in the last 24 hours (or about $3,000), and is trading at around $22,722 at the time of writing.
“Everything is on fire right now, whether it’s stocks, cryptocurrencies – or something else,” says trading director of crypto exchange ZebPay, Nirmal Ranga, in an interview with CNBC.
What you see in the market is fear, uncertainty and doubt. Technically, the markets are looking oversold, and there should be a floor for bitcoin going forward, he continues.
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Kryptogründere uphill: – Some difficult months have passed
Stop transfers and withdrawals
Cryptocurrencies also fell sharply on Monday, when many crypto platforms shut down the possibility for investors to withdraw their funds.
Celsius Mall has suspended withdrawals, swaps and transfers between accounts due to “extreme market conditions,” according to a statement. The company wrote that the move was taken to “stabilize liquidity and operations.”
The world’s largest cryptocurrency exchange, Binance, has also stopped withdrawing bitcoin for more than three hours, according to CNBC. The company said the reason was a “deal that hit a dead end that led to a backlog”.
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Kryptoras created a shockwave all over the market: – We cashed out $7 billion in 48 hours
It is reported that $200 billion has been dumped from the cryptocurrency market in recent days, according to the news channel. And on Monday, the cryptocurrency market cap fell below $1,000 billion for the first time since early 2021, according to Queen Market Cap.
“The sentiment towards cryptocurrencies is terrible,” Edward Moya, chief analyst at Oanda, told Bloomberg.
He adds that a further drop below $20,000 per bitcoin could lead to an “uglier” price development.
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