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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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What is Algorand? ALGO Coin Explained With Animations

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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.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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