Bitcoin Price Hits Late-2020 Levels As Crypto Market Suffers Fresh Selloff

Date:

The crypto market took a beating on Tuesday, with bitcoin (BTC) leading the way lower.

The flagship cryptocurrency tumbled to as low as $$18,482.46 on some exchanges, bringing its losses to nearly 6.1% since the start of the day. Ethereum (ETH) and other major altcoins also registered losses, with some down over 10%.

In crypto this type of loss is nothing as this market is highly volatile. However, with BTC now trading at its lowest levels since late-2020, some investors are wondering if this is the start of a more prolonged sell-off.

The market had been on a tear since 2020 with BTC reaching a new all-time high over $68,000 in November 2021, but by January 2022 had dropped back below $35,000. While it approached $50,000 in March, bitcoin fell short and has been on a downward trend ever since.

With the world close to a global recession, some experts think that the recent sell-off in BTC and other assets is just a natural correction after such an incredible run-up in prices.

Others expect it to drop further to as low as $ 12,000 which is still much higher than it was a few years back.

Jamie Dimon slammed bitcoin and some other crypto as “decentralized Ponzi schemes.”

He argued that they serve no purpose beyond vacuuming up new buyers’ money to pay out profits to their existing holders.

“I’m a major skeptic of crypto tokens, which you call currency, like bitcoin,” the JPMorgan CEO told the House Financial Services Committee on Wednesday.

Gerald
Geraldhttps://news.safaritravelplus.com
As a writer, I have a passion for exploring a variety of topics. When I'm not putting pen to paper, I enjoy traveling and spending time with my family. As a husband and father, I understand the importance of balance and finding time for the things I love. Whether I'm delving into new subjects or spending quality time with my loved ones.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Related articles

Decoding the Citibike Controversy: Facts, Misunderstandings and Perspective

We have been following the "City Bike" incident over the past three days. Initially, we discussed how Ben...

The Top IT Skills for the Future

The digital world is an ever-evolving landscape, continually influenced by new innovations and technologies. With these rapid advancements...

Migrants New York: Ocasio-Cortez Fields Tough Questions at Town Hall

During a contentious town hall meeting in Corona, Queens, U.S. Representative Alexandria Ocasio-Cortez was confronted by some attendees...

Beyond the Game: A Look at the Technological Advances Prolonging Athletic Careers

The evolution of sports careers has seen a revolutionary shift in the 21st century, primarily fueled by advances...