Bitcoin price: latest crash in Cryptocurrency is ‘deadly’

on


Bitcoin has hit a milestone that no one wanted it to reach, in what experts warn could be “deadly” for the blockchain after a devastating few weeks.


Bitcoin investors are feeling the heat after the cryptocurrency hit its lowest point this week.

And as bitcoin entered its fifth consecutive week of a price crash, experts are growing doubtful about the cryptocurrency’s continued success.


The bitcoin has shown a huge fall from grace for the top-ranked coin after hitting an all-time high of nearly US$69,000 (A$96,000) in November.

That means the blockchain has shed US$23,000 (A$32,000) in value, or 33%, in just several weeks.

Some investment experts think the latest price plunge signals the death knell for the volatile currency.



It’s not just bitcoin investors feeling the sting.

The Coin Market Cap top 10-listed digital assets are all trading in the red.

Ether, the native cryptocurrency of the Ethereum blockchain and the second-largest overall, was down basically 10% during the said period.

Solana was down a whopping 12% while Cardano and Polkadot were also down by about 10%.





Bitcoin’s slide has dropped below a key level that has worried the experts.

It is now close to a 200-day moving average of about US$46,720 — which is bad news for the coin.

“The volatility is deadly and its other supposed attributes, like a hedge against inflation, seems spurious.”

An economic forecaster said a 200 day moving average below $46,000 was a “yellow flag” and indicated that bitcoins will soon only be worth US$10,000 (A$14,000) each if the slide continues.


Also Read:

Comments

Post a Comment

If you have doubts, please let me know