The most popular cryptocurrency Bitcoin and other major Altcoins fell drastically wiping millions in a day. Bitcoin as you read is trading at $32,495.40 with a 24-hour low of $28,814.75 from its all-time high of $64,829.14.
The market capital of the most popular cryptocurrency even fell below $557.89 billion during the 24-hour trading.
With the decline in Bitcoin, other altcoins like Ethereum, Binance, Polkadot, etc, fell more than 50% causing a bloodbath in the market.
Every other coin was seen to be trading cheap, cutting off many portfolios to half.
What was the cause of the bearish cryptocurrency market?
Ahead of this market crash Bitcoin triggered a technical signal, which was a clear indication of the down market by many technical analysts.
Bitcoin indicated a “Death Cross” ahead of its free fall. The Death Cross occurs when the 50-day moving average intercepts below the 200-day moving average. It is a technicality used to predict the market trend.
Meanwhile, China gripped their law against cryptocurrencies by curbing mining activity and telling major payments platforms and lenders that crypto trading won’t be tolerated, reported CNN.
ZebPay Co-CEO Avinash Shekhar sees the falling value of Bitcoin in recent days as a good sign of the market still holding a positive sentiment.
The current trend in the cryptocurrency market which began when China cracked down on cryptocurrencies, wiping over a trillion in days, which according to some analyst is the end of a bull run.
Some analysts even predict the Bitcoin is going to bounce back with a reverse momentum, hitting a $ 100K high by the end of this year. Other popular altcoins like Doge, Matic, Solana, etc are also some of the coins which are predicted to bounce back with Bitcoin.
Do you believe that Bitcoin is still worth investing? let us know in the comment.