Four straight days of tumbling prices has seen bitcoin fall to its lowest price since July 2021.
The price crash has coincided with a downturn in the broader financial markets, which has rippled across to other leading cryptocurrencies like Ethereum (ETH) and Solana (SOL).
The overall crypto market is now worth just over $1.5 trillion, down by roughly half its all-time high last November.
Analysts appear divided over whether the latest collapse is part of a longer-term trend, or just a temporary dip in what has been an exceptionally bumpy year for bitcoin.
Falling below $33,000 on Monday leaves bitcoin just 10 per cent away from the critical $30,000 support level, which experts say could prove a key testing ground for BTC and its future price trajectory.
You can follow all the latest news, analysis and expert price predictions for bitcoin and the rest of the crypto market right here.
Bitcoin price crash caused by ‘wider adversity’
Crypto market analysts have offered us their insights into what is behind the latest price crash for bitcoin.
“The market is caught in the wider adversity of investment markets that are battling to decide where confortable levels are in the wake of interest rate hikes designed to quell soaring inflation around the Western world,” says Simon Peters, from the online trading platform eToro. “The concern now for cryptoasset investors is when the slide will end.”
You can read the full story here.
Anthony Cuthbertson9 May 2022 13:22
Hello and welcome…
to The Independent’s live coverage of the crypto market.
Several days of tumbling prices has seen bitcoin fall to a 2022 low on Monday, leaving traders and investors wondering when the sell-off will come to an end.
We’ll have all the latest news, analysis and expert price predictions for bitcoin and the rest of the cryptocurrency market right here.
Anthony Cuthbertson9 May 2022 13:00