Bitcoin is currently trading around $ 23.6k after another price drop in a row in as many days. The largest cryptocurrency by market value is currently under enormous bearish pressure, pushing BTC’s price close to its previous record high of $ 20k. There is currently no bottom for crypto. Altcoins also lose some value, but many did better than Bitcoin after several weeks of losses against the major cryptocurrencies. More on that later.
In other news, the total market value of the crypto has dropped to below $ 1 trillion after a break of more than 16 months. The market was (mostly) bullish in 2021, but 2022 has brought a bloodbath that has reduced many top coins to a fraction of their previous value. Bitcoin has also been reduced to 1/3 of its value from its record high of $ 69k.
The major crypto exchange Binance suspended its BTC withdrawals earlier today, which could have led to the current market crash. Although they will go into print for a while was continued again, the sudden decision again shocked users and caused markets to overreact. More on that later.
Billionaire Stan Druckenmiller has stated, despite the recent massive price drop for the crypto sector, that he prefers Bitcoin over gold in the current crisis. This has become a kind of inflationary bull market, where inflation is fierce and causes major economic problems. Despite the current gloomy mood, however, Druckenmiller still prefers Bitcoin.
Speaking of billionaires, both Tesla CEO Elon Musk and the big crypto investor Michael Saylor of Microstrategy are facing huge losses on their crypto investments, which are estimated to be anywhere from $ 1.5- $ 1.8 billion. Musk bought BTC as it was worth about $ 35k for about $ 1.5 billion in total, while Saylor had a significantly larger amount of Bitcoin but bought them at various stages at an average price of around $ 31k. Both are in big trouble with Saylor losing about $ 950 million and Musk losing $ 550 million or more, but neither of them has shown any intention of selling their cryptocurrencies. They are both long-term players and they are likely to continue to hold on to their crypto.
Ethereum had a big drop earlier today that took it under $ 1200 after more than 16 months. The second largest cryptocurrency by market value suffered a huge loss after a major dump of a whale unloading a massive 93,000 ETH ($ 93 million) in one go. This led to a lightning crash that made it a day to forget for ETH bulls. Analysts, however, show that the liquidation was not for fear, but for breach of security on a DeFi loan.
Binance has terminated support for anonymous Litecoin transactions. The LTC network received a major anonymity upgrade after being dormant for a long time and is now being touted as a potentially useful currency for anonymous transactions. However, stock markets and governments are hitting them hard, as are Monero (XMR), Dash (DASH) and others.
The Bitcoin price drops to below $ 24k
Bitcoin’s price fell again as it fell below critical support levels. The cryptocurrency is currently looking for a final bottom, but it is nowhere to be seen at the moment.
Bitcoin started around $ 28k within the last 24 hours. It slowly and steadily lost value over the last 24 hours. It recorded a 24-hour low of around $ 22.9k before rising slightly to $ 23.8k at the time of writing.
Despite predictions that BTC will recover to the $ 29k- $ 30k level, it has fallen massively again. The cryptocurrency is now close to the previous highest bull market of $ 20,000 set in January 2018. It remains to be seen if BTC can find a bottom here.
Bitcoin’s total market value was around $ 452 billion and its share of the crypto market was 47.5%.
Losing Altcoins books
Other cryptocurrencies also had large losses against the dollar. However, due to some unusual market conditions, they ended up surpassing Bitcoin a bit despite having suffered large losses before.
Big losers were Ethereum (ETH, -18%), Binance Coin (BNB, -14%), Ripple (XRP, -12%), Solana (SOL, -13%), Dogecoin (DOGE, -16%), Polkadot (DOT, -9%), Tron (TRX, -17%), Avalanche (AVAX, -14%), Shiba Inu (SHIB, -9.5%), Polygon (MATIC, -16%) and Litecoin (LTC , -13%) all losses. But many were less bad than Bitcoin (BTC, -15%).
In other news …..
The crypto market value goes below $ 1 trillion as Binance suspends the withdrawal for a while
The total crypto market value has dropped to below $ 1 trillion after more than a year. Market value fell below $ 900 billion earlier in the day as market blood entered the second day.
One of the reasons some investors panicked was Binance’s decision to abruptly suspend payouts. This is often done by a platform when there is a cyber attack and its means are stolen. It has Binance CEO Changpeng Zhao though tweeted that all funds are secure and that the suspension was due to a backlog of transactions.