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With the intensification of selling…the price of Bitcoin drops to the levels of 18 thousand dollars and Ethereum to the level of 900 dollars

With the intensification of selling…the price of Bitcoin drops to the levels of 18 thousand dollars and Ethereum to the level of 900 dollars

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Answer With the intensification of selling…the price of Bitcoin drops to the levels of 18 thousand dollars and Ethereum to the level of 900 dollars

Bitcoin continues its downward movement since the Federal Reserve announced a 75 basis point rate hike, the highest rate hike since 1994.

Yesterday at exactly 3 am, the price of Bitcoin fell below the $20,000 level.

One hour later, Ethereum followed it lower and also dropped below $1,000.

These numbers were viewed as key psychological support levels for the top two currencies by market capitalization.

Then they both started to slowly climb up, seemingly moving to avoid the immediate quick slide many expected if $20,000 and $1,000 were broken.

Read:Beware … a fraudulent project claims to be linked to the “Cardano” project

But the rise did not last long, and Bitcoin, Ethereum and other alternative digital currencies fell and collapsed again.

Bitcoin and Ethereum both fell significantly, with Bitcoin reaching a 24-hour low of $17,708 according to CoinMarketCap and Ethereum to $896.

The current crypto winter is different from 2018 in that the cryptocurrency is dropping along with the tech stock market as the broader economy looks shaky, inflation is swelling, and a complete recession looks looming.

With crypto-believers looking for a bottom and some waiting to buy back, things may get worse before they get better.

The carnage has been highlighted by a series of crypto company failures or bankruptcy warnings, as well as withdrawals from Celsius and Babel Finance, which are suffering the same as Celsius.

Also, investors withdrew from “Three Arrows Capital” after there were liquidity problems.

On Saturday, Dan Heald, director of marketing and growth at Kraken, told Kraken:

We are on the path to maximum pain.

As Anthony Trenchev, founder of crypto bank Nexo, commented to Bloomberg on Friday:

Read:The ICON project plans to distribute 3 million ICX tokens for in-network voting campaign

The current meltdown reminds me quite frankly of the banking panic of 1907.

Read also:

Will cryptocurrencies replace traditional fiat currencies…Here’s what the founder of Ethereum thinks?

Here is what the founder of Binance had to say about the current drop in the crypto market!


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