In this article, we are going to be covering why is Bitcoin crashing, as the biggest cryptocurrency on the market took a dive for the worse.
Today’s cryptocurrency markets have set a new low for the year. The worldwide market capitalization has decreased to $1.02 trillion, down from yesterday’s $1.10 trillion value. Cryptocurrency prices have nosedived to a new low for this year on 13th June 2022. The worldwide market capitalization has fallen below $1 trillion, down around 12% since yesterday. The cryptocurrency market capitalization has dropped about $1 trillion in value so far this year, and virtually every significant coin is now worth half or less of its all-time highs.
Why is Bitcoin crashing?
The apparent cause of the crypto crash appears to be a large sell-off by investors following concerns over increased inflation, as well as the suspension of withdrawals by crypto lending firm Celsius. Investors are also continuing to avoid riskier assets, which is evident in the stock market. Bitcoin, the most well-known and widely used cryptocurrency, has dropped below $22,000 this morning, while virtually all other cryptocurrencies have taken a hit since last weekend.
The price of Ethereum has plummeted to its lowest level in more than 14 months, trading at around $1155 on CoinMarketCap. According to data from CoinMarketCap, Solana has dropped by roughly 15% and is trading near $27 at the time of writing.
What do the experts say?
According to experts, the crypto market downfall suggests that investors’ risk appetite is declining. They are clearly wary of high-risk investments. When it comes to volatility and uncertainties, cryptocurrency is one of the most unpredictable assets for investment purposes.
Edul Patel Co-Founder and CEO of crypto investment platform Mudrex said that:
“The crypto market has been under pressure from the Federal Reserve, hiking the interest rates to combat inflation over the past few months. Bitcoin, Ethereum, and most cryptocurrencies suffered losses over the weekend after a broad sell-off following the data showing US inflation hitting a 40-year high,”
“As investors seem to have panicked, the number of crypto liquidations has been high since Friday. Bitcoin and Ethereum plummeted as much as 7% each and are currently trading at their lowest at US$25,000 and US$1,300. The bearish trend may likely continue in the next coming days,”
Bitcoin price prediction
Elon Musk is well-known for a variety of accomplishments, and in recent years, his bizarre tweets may be added to the list. With a typical Musk flourish, he posted yet another enigmatic numerical message on Twitter, sending his 58.1 million followers into a frenzy once again. Twitter users were all eager to figure out the secret code that read ‘48 61 68 61 20 74 72 75 65′.
Elon Musk 48 61 68 61 20 74 72 75 65
48 61 68 61 20 74 72 75 65
— Elon Musk (@elonmusk) July 14, 2021
Others thought it might be Musk’s Bitcoin predictions.
is this the sequence of #Bitcoin prices you see occurring?
— Benjamin Cowen (@intocryptoverse) July 14, 2021
If you put the numbers in a hex code to text converter, the message reads “haha true.” This puts an end to this mysterious tweet by the Tesla CEO, thought the mystery was fun while it lasted. Thought this was not the first time that Elon Musk has tweeted seemingly random things as he uses Twitter very regularly.
We hope that you enjoyed this article on why is Bitcoin crashing. If you did, you might also like to check out LUNA 2.0 price prediction: It may rise from $10 to $50, or 10 Best crypto affiliate programs.
