BTC Plummets 8%, Reaches Six-month Low of $38K

BTC Plummets 8%, Reaches Six-month Low of $38K

Bitcoin suffered almost a $5K drop in the past 24 hours, reaching its lowest price in a six-month period - just over $38K.

With cryptocurrencies being in a quite stable position at the start of 2022, the market suddenly fell flat for unknown reasons. Other major cryptocurrencies including ETH, BNB, SOL got hit even harder, and dropped as low as 17% in the past 24 hours.

Currently, there is no indication of what could have caused the crash. Some speculate that the hit was caused due to Raoul Pal, CEO of Real Vision, having a heated discussion on Twitter, and stating that he only holds a single Bitcoin, so this might have spooked investors to dump their crypto.

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Likewise, the trading volume of Bitcoin surged quite heavily - a 57.14% increase over the past 24 hours, which may indicate panic-selling investors, or hodlers that see a perfect opportunity to purchase crypto for a lower price.

As of right now, the price of BTC sits at $38,835.62, with a decline of 7.48% in the same time period. Solana took the hardest hit in the recent market crash - a 16.19% drop in the past 24H, and currently averaging $125.03.

Dom Z. - Crypto Analyst

by Dom Z. - Crypto Analyst, BitDegree


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