Bitcoin Plummets $2500 – The gains from the previous 24 hours were erased in less than an hour when the cryptocurrency market crashed on Wednesday night and a total of $352.78 million worth of traders were liquidated during the course of the last 24 hours.
According to Coinmarketcap, which monitors the activity of the whole cryptocurrency market, prices fell 6% in an hour and are now trading 2% below where they were 24 hours ago.
The value of Bitcoin, the most valuable cryptocurrency, recently traded at over $28,900, surpassing the all-time high of $30K on Wednesday morning. Later on in the day, BTC decreased to $27,264.
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Bitcoin Recent Volatility
The price of Bitcoin decreased from its April 14th peak. It began a rapid ascent after the recovery and is currently trading inside the $28,500 resistance zone. This might trigger a breakout, which would push BTC’s rise well above $31,800.
Recently, the price of ether decreased marginally to $1,855. The second-largest cryptocurrency’s market value increased to $1,984, then dropped to $1,789 on Wednesday afternoon. Since early April, this price hasn’t been this low.
According to a research report from Standard Chartered Bank, the crypto winter is finally gone, and Bitcoin (BTC), the most popular cryptocurrency, may reach $100,000 by the end of the year.
According to Standard Chartered, the market value of Bitcoin would rise by 50% to 60%. According to data from Coinmarketcap, the most popular cryptocurrency now holds a 47% market share. When Silicon Valley Bank failed in mid-March, it was roughly 40%.
The recent banking crisis, which helped “restore the use of Bitcoin as a decentralized scarce digital asset,” may be one of the causes that contributed to the rise to $100,000. In a study released on Monday, the bank stated.
What The Experts Have To Say
Financial expert Jeff Kendrick predicted that Bitcoin will benefit from its reputation as a safe haven, a means of transfer, and a relative store of value. Bitcoin has grown 67% year-to-date and last week became the first time in almost a year to cross the $30,000 threshold.
The greater macroeconomic climate for riskier assets, which is steadily improving as the Federal Reserve approaches the end of its tightening cycle, is also included in the report as a factor influencing the $100,000 price.
Kendrick also emphasized that the next halving, which will reduce the payout for mining new blocks by half every four years, will be advantageous for Bitcoin. Like in previous cycles, he added, “We anticipate the cyclical elements to be more advantageous as we come closer.
The correlation between Bitcoin and the Nasdaq suggests that this is not always the case, but Kendrick claims that Bitcoin may do well when riskier assets are underperforming. It suggests that the price of BTC will rise.