Bitcoin Crashes massively as panic selling continues in the crypto market
Cryptocurrency market selloffs continued on Saturday as pioneer digital asset Bitcoin, sank to an all-time low. Bitcoin fell below $19,000 for the first time since December 2020. The virtual currency has lost 11% in the past 24 hours. At time of writing this piece, the largest cryptocurrency by market cap was changing hands around $17,984.1 after trading as low as $17,739.50.
The second largest crypto by market capitalization also saw a massive drop. Ethereum ( eth ) fell by around 16.8% bringing the total value to $908 at the time of writing this.
The crypto winter and panic sale – which began a few weeks ago with the Terra Luna ecosystem’ and Celsius platform collapse – has reportedly moved on to hedge fund Three Arrow Capital, which reportedly had its collateral liquidated by crypto lender BlockFi.
Techscoops reports find that traditional markets, U.S. stocks, also saw more massive selling on Thursday, with the Nasdaq tumbling 4.1% and the S&P 500 3.25% before a slight recovery on Friday. For the week, the Nasdaq and S&P are each lower by about 6%.
Here’s a overview of the current price lows of cryptocurrency and how Bitcoin has fared in the bear market as of 4:34pm WAT.
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