Bitcoin crashes below 30k as crypto market enters ‘freefall’ |

has suffered losses of more than 50% since April.

the price of bitcoin has plunged below $30,000 as over half a trillion dollars has been wiped out of the cryptocurrency market in just one week.

Just a week ago, bitcoin was trading above $40,000, but now the cryptocurrency market has been described as being in “free fall” and other leading cryptocurrencies have also experienced a price crash. ethereum, cardano and dogecoin have all seen a huge price drop.

Reading: Bitcoin crashes below as freefall

So it is with the crypto market and bitcoin’s dominance over it, the moment bitcoin suffers, everyone else gets dragged down with it.

See also: Crypto is starting to lose its cool – just look at El Salvador | Rowan Moore | The Guardian

For the first time since February, the overall market capitalization of all cryptocurrencies is now below $1.2 trillion. This means that in just seven days, half a billion dollars has been erased from the market.

Nicholas Cawley of dailyfx, a trading analytics firm, told the independent: “The crypto market is in freefall and support levels are easily broken…the latest Chinese mining ban is fueling the move lower , but the overall market tone is very negative with little reason to buy the market.

“right now it’s a guessing game: will bitcoin go up or down $10k in a month? nobody knows, and those who say they do, don’t. we’ve seen these moves before, and likely check them out again. if you believe in crypto and are an incumbent, your exit strategy has just been pushed further.”

See also: El Salvador becomes first country to adopt bitcoin as legal tender | El Salvador | The Guardian

Meanwhile, decentralized social network subsocial founder alex siman said: “at this rate of decline, it’s difficult to predict the level at which price will form a baseline for an imminent rally, as markets large investors with the potential for inverse prices are choosing to look from the sidelines.

“While we may still see positive dynamics before the end of this year, for me, steeper drops to $20,000 will not come as a surprise either.”

The events of the last week are yet another reminder of how incredibly volatile the world of cryptocurrencies is. The simple fact of the matter is that the crypto market is still in a place where one tweet from Elon Musk can change the fortune of a coin.

The price of bitcoin and other currencies has been falling ever since China announced a ban on financial institutions and payment companies providing services related to cryptocurrency transactions.

See also: Meet the crypto billionaires of 2022 full list here – BusinessToday

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