Bitcoin Crashed – Will It Hit the Lowest of Lowest?

China Cracks Down on Crypto-Related Activities on Internet
  • The price fell under $ 25k, the $ 24900 low was met as the day started.
  • The market cap also hit $ 479.29B with a volume to be $ 45 B.

The bear trend in the crypto market seems to be never-ending as of now. The previous week started with the green candle entry after the 10-week red march but that did not last long. The present week has already attained an 18-month low for BTC, the price touched support at  $24900.

BTC Price Chart (Source: TradingView)

Last week’s trend changed on the second day itself and the weekend was hit by great US inflation. The current inflation rate is 8.58 % which is the highest since 1981, which was around 10.32%. The Consumer Price Index (CPI) has also skyrocketed, in 1981 it was 91.900 as of now it is 292.296.

BTC Lowers

The market capitalization has also decreased below $500 billion as of today, it touched $479.27B at 8.40 AM IST. At press time, the market cap is $488 B and the price is $25606.51. That is comparatively 6.59% low from the past 24hrs. The volume in the last 24 hrs is $45 billion. 

BTC Market Cap (Source: CMC)

In the mid of May, Robert Kiyosaki stated that he is waiting for the crash of BTC below $17K to $11K, to back it up. But today’s crash didn’t seem to have impressed him. The response to the current crash was a mockery tweet, to invest in food.

Media person with a programming background. Ecstatic about exploring worlds in and out of books. Gains confidence by trying out new things. Dedicated to upgrading knowledge about Crypto Market.