After BTC and ETH fell below key support levels of $20,000 and $1,000 on Saturday morning, the selling has gotten worse as HODLers wait for the bottom.
Bitcoin’s price finally dropped below $20,000 around 3 a.m. on Saturday. After an hour, Ethereum did the same thing and dropped below $1,000. For the top two cryptocurrencies by market capitalization, these values were seen as very important support levels.
But by 5:15 a.m. EST, both had started to slowly rise again, avoiding the sudden drop that many people thought would happen if the $20,000 and $1,000 records were broken. Some people might have thought that $18,979 and $987 would be the lowest points of this disaster.
No such luck: things got worse again around noon. At 4:30 p.m. EST, BTC on CoinMarketCap had dropped to $17,772, and at 4:15 p.m., ETH had dropped to $898.
The current Crypto Winter is different from the last one because crypto is falling along with tech stocks because the economy as a whole is weak, inflation is going up, and a full-blown recession seems unavoidable.
As crypto investors look for the bottom, things could get a lot worse before they get better (and some wait to get back in).
A string of crypto businesses going out of business or threatening to do so has shown how bad things are. For example, Celsius stopped withdrawals, Babel Finance did the same, and investors left Three Arrows Capital. Grayscale’s GBTC is trading at a discount to Bitcoin’s spot price that is at an all-time low.
Dan Held, the director of growth marketing at Kraken and an advocate of Bitcoin, said on Saturday, “We are on the road to the most misery possible.” The founder of crypto lender Nexo, Antoni Trenchev, told Bloomberg on Friday that the latest meltdown “reminds me, very honestly, of the 1907 bank panic.”
The post As the selling pressure increases, Bitcoin falls below $19,000 and Ethereum slips below $1000 appeared first on NFT News Pro.