The price of Bitcoin has gone down again with investors fearing that problems at major crypto players could unleash a wider market shakeout.
The crypto industry has been experiencing a meltdown after the collapse of Terra UST & LUNA. Bitcoin’s price halved thereafter from the price it sells at the beginning of the year.
The price of Bitcoin, the world’s biggest cryptocurrency, was trading just under the symbolic level of $20,000 in early London trading hours of today, June 2022. The last time such occurred was in 2017.
Bitcoin had dropped on Saturday June 18 to as low as $17,592.78, falling below $20,000 for the first time since December 2020.It has lost almost 60% of its value this year and 37% this month alone in the cryptocurrency sector’s latest meltdown.
Other top cryptos and altcoins were also hurt by this fall. No.2 token ether was at $1,0752, having dipped below its own symbolic level of $1,000 over the weekend.
The fall in price of Bitcoin is coming at a time the stock market is also having it difficult. Bitcoin’s moves have tended to follow a similar pattern to other risk assets such as tech stocks.
Today, the overall crypto market capitalization is roughly $877 billion, according to price site Coinmarketcap, down from a peak of $2.9 trillion in November 2021.