Crypto selloff: Bitcoin crashes below the US$40,000 mark, has dropped 47% in value since November
Just like traditional stocks, most cryptocurrencies continue to tumble after a weak finish to 2021. Besides additional health-related restrictions that have been enacted in many regions around the world, the FED and its plans to end its low interest rate policy due to the insanely high inflation in the US may also be responsible for this nosedive. The world’s largest cryptocurrency Bitcoin has now even fallen below the psychologically important US$40,000 mark, continuing the downward trend which could be interpreted as a major crypto crash.
Over the past 24 hours alone, Bitcoin lost up to 13 percent of its value and is currently priced at approximately US$36,500 per coin. This means that the most-famous cryptocurrency is currently worth about 47% less than two and a half months ago. Needless to say, the great mood among crypto investors who celebrated Bitcoin’s record high of US$68,800 on November 10 has since changed dramatically. Unfortunately, some analysts predict that this negative crypto price trend will continue in the short term, even though there haven’t been any particularly shocking news that could have rattled Bitcoin investors and triggered this most recent crash.
However, other analysts have reportedly recognized a pattern similar to the one seen in September and October 2021, which is when the price of Bitcoin (Hardware wallet from US$59 on Amazon) plummeted to around $41,300 per coin just before skyrocketing to a new all-time high. No matter which one of these scenarios will eventually become true, crypto and Bitcoin investors will most likely have to brace themselves for more turbulences, high volatility and maybe even more crashes in the coming weeks.
This article is for informational purposes only and does not contain any kind of investment advice.