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Bitcoin Rolls At $21,000 And The Dollar Index Reaches Its Highest Level In Two Decades

Bitcoin Rolls At $21,000 And The Dollar Index Reaches Its Highest Level In Two Decades

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Answer Bitcoin Rolls At $21,000 And The Dollar Index Reaches Its Highest Level In Two Decades

Bitcoin selling expanded, with the price of the coin dropping to an intraday low of $20,950 according to coinmarketcap.

With that, Bitcoin has now touched its lowest level since December 22, 2020, with no signs of at least a modest rally on the horizon.

Meanwhile, the Dollar Index (DXY) hit a two-decade high at 105.06.

Earlier, veteran analyst Peter Brandt predicted that Bitcoin could collapse to as much as $12,600 if the dollar continues to gain strength.

It gets worse:

The crypto market is reeling amid the drama surrounding crypto lending service Celsius, which halted all withdrawals earlier today due to market conditions.

Read:The United States and the United Kingdom are preparing to team up to regulate cryptocurrency

The announcement sparked a lot of speculation about whether the company was really insolvent or if it was a long-term scam.

The recent plunge in the price of bitcoin has made MicroStrategy suffer as it faces a massive loss of more than $1 billion in debt-fueled bitcoin stocks.

If the bitcoin price drops below $21,000, MicroStrategy will have to face a margin call from Silvergate Bank and deliver and transfer some of the unsecured bitcoins to it.

This would be a major turnaround for a company that gained notoriety in late 2020 after making the cryptocurrency its primary reserve asset right on the cusp of a bull market game.

Bitcoin’s fluctuation and slump to minimum levels, spread of panic, affected traders’ sentiments, and increased transactions all contributed to the suspension of the Binance platform, as Binance announced the suspension of withdrawals temporarily, after which the platform actually resumed its operations.

The veterans of the crypto market are aware of what is happening now and that all current indicators suggest that we are at the heart of the crypto winter.

Read:French regulators: Binance must improve compliance before setting up its headquarters in Paris

The decline in the value of Bitcoin and altcoins made the total market value fall below the $1 trillion mark.

Read also:

How many bitcoin users will it be in 2030?

Survey: 85% of merchants believe crypto payments will be popular by 2026


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