Crypto Market Crashes Again; Loses $200 Billion

The world’s largest cryptocurrency dipped below the critical $30,000 mark for the first time since June 22. Bitcoin prices today decreased almost 6 percent to $29,671.9 whereas ether, the second largest crypto declined 8 percent to $1,734.

In total, the entire crypto market washed away more than $200 billion.

While the specific reason for the fall is unclear, it coincident with a similar downturn in the global stock market, in the context of concerns about the possible reappearance of the Covid-19 instances.

Some investors have warned that the price collapse might be in the middle of a beary market and the wider space enters a period known as a “winter crypto.”

Yet another market crash and crashes of hopes. People over the microblogging site expressing their emotions and market sentiments right now is a bit heart breaking.

Someone found a way to atleast calm others with funny memes.

Meanwhile, #cryptocrash is trending on twitter with numerous tweets.

According to Edward Moya, senior market analyst at Oanda, Wall Street is showing “too much forth,” and recent virus concerns spark a worldwide panic selling every high-performance asset.

Moya claimed that Bitcoin would be vulnerable to a $20,000 flash crash “which would draw many institutional purchasers who are sitting on the sidelines patiently.”

Founder of Elevate-trading.com, Nebraskan Gooner posted a tweet advicing everyone to be calm and don’t panic.

Meanwhile, American regulators have focused on the booms of the stable coin market, which over the last 12 months have ballooned to a value of $100 billion.

Treasury secretary Janet Yellen met yesterday to examine how stablecoins could be managed with several other government institutions.

“Bitcoin has found it challenging to move higher and the upper end of this range has been converging gradually,” says Pankaj Balani, CEO of delta exchange.

He further added, “Bitcoin failed above $36,000 last week and $33,000 this week. We have also continuously tested the bottom end of the above range which shows weakness in price and opens up the risk of a breakdown below $30,000.”

Let’s hope for a speedy recovery of the market. Until then, stay connected for more amazing a informative twitter talks and news.