advertisement

Bitcoin Crashes Close To $22,000 Just Days After Scaling $24K

crypto market

After soaring and setting a new record above $24,000 on some major exchange platforms, the price of Bitcoin has fallen more than 5%. The correction seems to play into expectations several market players had of the king coin. These expectations were further reinforced as Bitcoin continued its descent, crashing past $23,000 and slowly inching close to $22,000. Many are now nursing the fear that Bitcoin could plunge further.

Earlier today, Bitcoin lost more than $1,800 and hit $22,256. Generally, many do not view the correction as strange. Retracements like this are quite typical in the crypto sector, especially shortly after a considerable pump in the price of a crypto asset. Specifically, Bitcoin has pulled in more than 220% in gains for 2020. Consequently, several analysts believe that the retracement should have been largely expected as it was only a matter of time.

At press time, Bitcoin has climbed and is now trading at $22,849, according to data from CoinMarketCap. Although its day’s loss is close to 4%, it has gained over 19.5% over the last seven days.

Altcoins are currently not fairing much better. Ethereum fell by 7.49%, XRP by 12.24%, and Litecoin by 13%. These plunges come as several countries are reintroducing COVID-19 restrictions as the second wave spreads.

Image Credits: Pixabay

Get Latest Cryptocurrency And Bitcoin News

Signup this form below to get latest Cryptocurrency and Bitcoin news, directly in your mailbox

Note:

Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.