Bitcoin Takes a Hit, Altcoins Follow Suit
Bitcoin, the world’s largest cryptocurrency, has taken a serious hit in the past 24 hours, dropping by almost $2,000 to chart a two-month low beneath $20,000. The altcoins are in no better shape, with ETH, DOGE, SOL, LTC, TRX, and many others slumping by up to 15% in a day.
The past several days did not go well for the primary cryptocurrency. It was last Friday when it dropped from $23,500 to $22,000 as the Silvergate issues came to light, and, despite recovering some ground in the following days, it was unable to overcome $22,500.
The landscape was prompted to change mid-week as Fed Chair Jerome Powell spoke to Congress. This led to some volatility, but overall, BTC remained around $22,000.
Nevertheless, the change that the bears wanted to see came yesterday as BTC plummeted from almost $22,000 to under $19,900. Thus, the cryptocurrency charted its lowest price tag since January 14.
As a result, investors are now looking to altcoins as a potential safe haven. However, the altcoins are also experiencing a significant drop in value, with many of them losing up to 15% in a day.
The market is currently in a state of flux, with many investors unsure of what to do next. Some are holding onto their investments, hoping for a rebound, while others are selling off their assets in a bid to cut their losses.
Despite the current downturn, many experts believe that the cryptocurrency market will recover in the long term. However, it remains to be seen how long it will take for the market to bounce back and whether Bitcoin and other cryptocurrencies will be able to regain their previous highs.
