Bitcoin Latest News 2022: Bitcoin Witnesses a Two-year Low
According to the latest news, the world’s digital currency is on a consistent downslide. The sudden downward tendency in cryptocurrencies caused an all-time low for Bitcoin & other leading crypto coins. http://bitcoin-smarter.com/
Not just Bitcoin, but almost all digital currencies are on the verge of sinking. It is on Thursday that most digital coins witnessed a thunderclap and a record of massive loss. The downtrend in the crypto market has been going around for a while. However, the bloodbath that happened on Thursday across all divisions has now pushed them into a warning zone.
What Happened?
1- Bitcoin:
Bitcoin, the largest and most popular digital currency in the world, tumbled about 11.1 percent to $16,115.1. About a year back, this popular digital currency had gone to a high of $69,000. The disruption in the digital assets markets made sure that it collapsed to a two-year low, with the market value at #310.8 billion. However, bitcoin is not the only crypto that snak. All other digital coins & tokens are in arrears. Ethereum, the next largest cryptocurrency after Bitcoin in terms of the market check, records a drop of 16%, with its value standing at $1,100.
2- Dogecoin:
Dogecoin, another popular digital currency fell to 8.3% and with a market value of about $10.1 billion. The market experts said about the free fall that the turmoil in cryptocurrencies comes as a result of negative market attitudes and some major impediments run into the industry of crypto. The US mid-term can be another reason for the drop in the markets.
Some of the other popular digital currencies that suffered the most are Solana, Shiba Inu, and Polygon. Solana crypto drops by 37.6%, standing with a decreased market value of $13.8.Shiba Inu, which is another crypto, fell 6.6% in a jiffy, whereas Polygon saw a slide of about 13%. The crypto markets which became the investors’ delight in the previous year are now one of the most feared choices, for now, caused by the deep crash in crypto markets.
Despite the slow start to the year, bitcoin managed to enter the year 2022 on a fairly high note. It was even a strong November and early December for the crypto market that the recent downward trend followed. As of November 2022, it dropped to around $20,600. Starting in 2021 in the $30,000 range, bitcoin escalated throughout the year and hit its current record high when it went over $68,000 on November 10.
Despite the carnage that happened, many experts are still predicting bitcoin’s price to rise above $100,000 in the future. Soon after bitcoin’s latest all-time high in November, Ethereum hit its new all-time high when the price went over $4,850. Similarly, Ethereum has seen volatility following the sudden rise. It was in November that bitcoin shifted wildly up and down. According to the market trend and expert opinions, cryptocurrency may witness some more volatility.
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Why the Collapse in Bitcoin?
Many investors refer to bitcoin’s price fluctuations as part of the market game, but they also mention that the volatility is challenging for individual investors to cope with. It is suggested to prohibit the practice of selling too fast.
These wild price shifts refer to the increased volatility in the recent crypto market. However, some major economic events are less likely to have impacted the recent volatility. Although price fluctuations are a part of crypto’s natural market games, the recent plunge is unexpected and may have some adverse effect on the world economy.
It can be compared with the stock market crash of 1987, in which the market was in a red zone for several months. Nonetheless, you need to digest the volatility if you are here for a long-term trading future.
Conclusion:
Although there are predictions for some more drops in crypto prices, you must not panic. It is the time to stay calm rather than keep yourself occupied with more troublesome news. You must reevaluate the situation and carefully decide your further move. History says the crypto market has been resurrected from this type of free fall before. So, it would be best if you calmly waited for the market to revive again.
