Block Insider
  • News
  • Market Analysis
  • InsightsSoon
  • EnglishEnglish
    • PortuguêsPortuguês
  • Login
No Result
View All Result
Saturday, June 25, 2022
ADVERTISE
SUBSCRIBE
  • News
  • Market Analysis
  • InsightsSoon
No Result
View All Result
Block Insider
No Result
View All Result
Home News

Sharp Downfall Continues for Bitcoin to Cause $280Bn Loss in 24 Hours

Suez Halder by Suez Halder
May 20, 2021
Reading Time:2 mins read
Bubba Gump Shrimp Seafood Restaurants Will Accept Bitcoin
TelegramTwitterRedditWhatsapp

Bitcoin sell-off shows sharper dipping instead of any progress since the last week. The world’s most established crypto-asset plunged about 13% on Tuesday.

RELATED POSTS

Crypto Market Surges Following Joe Biden’s Signing of Executive Order on Cryptocurrency

Cryptocurrency Market Bounces Back to Green Following Russian Invasion in Ukraine

Colorado Decides to Accept Cryptocurrency for Tax and Government Payments

And CoinDesk data confirms its intraday low market value of $38,585.86 at 12:54 am ET.

February 9 was the last time for BTC to see its price below the $40,000 mark. However, the current value remains 39% lower than its peak $62,149.84 price.

Mid-April of 2021 resulted in an extrinsic increase in major cryptocurrencies’ value. But starting of May keeps indicating major pullback, especially for Bitcoin.

Several groundbreaking news is continuously dampening the crypto’s sentiment.

Tesla CEO Elon Musk suspended BTC payment on May 12 over climatic concerns. And the market lost about $360Bn within 24 hours of his announcement.

The incident was followed by another rumor to involve Tesla’s dumping of its $1.5Bn-worth crypto. But official statements have confirmed its intention to keep the holdings.

Advertise
ADVERTISEMENT

Again, China just issued a contemporary banishment of crypto transactions. It restricts financial institutions as well as payment companies from offering crypto services. The statement even alerts the investors against speculative crypto trading.

Of course, the Chinese hardline on digital currency is not something new or unexpected. Authorities seized many crypto services to ban Initial Public Offerings (IPOs) back in 2017.

But anything against virtual currency seems to trigger an immediate decline. The same seems happening with Bitcoin for now. Consecutive negativity is affecting the value towards bull markets.

CoinMarketCap even reports overthrowing slip for ETH as well as Musk-fueled DOGE. Ethereum fell about 15% to reach $3,001.70 at 1:15 am. Meanwhile, Dogecoin mitigates by 18% to reach $0.4076.

Total loss counts nearly $279.65Bn from the entire crypto market cap within 24 hours by 1:18 am.

Vijay Ayyar, Luno’s business development head implied the pullback as normal for BTC. According to him, topping BTC’s $64,000 peak should follow the pullback by 30% to 40%. He anticipates a closing call to a bottom around $38,000 to $40,000 mark.

Nobody is sure about everything to obtain a steady pace towards a positive raise. It’s yet to see if Ayyar’s prediction becomes true or if another negativity dips the crypto.

ShareTweetShareSend
Suez Halder

Suez Halder

Suez Halder is an experienced cryptocurrency analyst and reporter. Taking direct part in crypto trading from 2017, he specializes in evaluating the cryptocurrency and blockchain viability. He holds a bachelor's degree from the Chittagong University of Engineering & Technology.

Related Posts

Crypto Market Surges Following Joe Biden’s Signing of Executive Order on Cryptocurrency
News

Crypto Market Surges Following Joe Biden’s Signing of Executive Order on Cryptocurrency

March 10, 2022
Cryptocurrency Market Bounces Back to Green Following Russian Invasion in Ukraine
News

Cryptocurrency Market Bounces Back to Green Following Russian Invasion in Ukraine

March 2, 2022
ByTask Force Pushes Biden Administration to Tighten Cryptocurrency Regulation
News

Colorado Decides to Accept Cryptocurrency for Tax and Government Payments

February 24, 2022
News

Buffett’s Company Invests in Crypto-Focused Bank while MasterCard will Offer Crypto & NFT Services

February 18, 2022
News

New Crypto Coalition Stepped in Amidst a Dramatic Tuesday Comeback of Crypto Pricings

February 11, 2022
Facebook Decides to Retreat from Its Banishment on Cryptocurrency Advertisements
News

Facebook’s Dream of Its Global Cryptocurrency Comes to an Official End

February 3, 2022
Next Post

Ethereum Staking May Drop Power Consumption by 99%

Major Crypto Assets Start Recovering After Absolute Downfall to Cause $600Bn Loss

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

Crypto Market is Showing Positivity over Elon Musk’s Confirmed ‘Green Mining’ Initiative

May 27, 2021

Bitcoin Keeps Falling with the News of Tesla’s Plan to Get Rid of BTC Holdings

May 17, 2021
The Graph, Algorand Price Analysis – 29 July

The Graph, Algorand Price Analysis – 29 July

July 29, 2021

Popular Stories

Plugin Install : Popular Post Widget need JNews - View Counter to be installed
Block Insider

A financial portal covering Blockchain News, Crypto Insights and Market Analysis.

Recent Posts

  • Crypto Market Surges Following Joe Biden’s Signing of Executive Order on Cryptocurrency
  • Cryptocurrency Market Bounces Back to Green Following Russian Invasion in Ukraine
  • Colorado Decides to Accept Cryptocurrency for Tax and Government Payments

Categories

  • Market Analysis
  • News
  • Press Release

© 2022 Block Insider

No Result
View All Result
  • News
  • Market Analysis
  • EnglishEnglish
  • PortuguêsPortuguês

© 2022 Block Insider

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?