The crypto market is in worse shape as it sees its worst bloodbath in 11 years. Bitcoin’s quarterly returns haven’t been this bad since it traded under $20 on Mt. Gox in the early crypto days. The traditional stock market isn’t doing much better. The ongoing crypto winter has a way of freezing its way into weekends.
Bitcoin’s price has been on a bearish trend, despite two of the biggest BTC fans, MicroStrategy and El Salvador, buying the dip. The crypto market appears to be heading down with BTC creating its sixth consecutive negative daily candle. In the coming days, lower prices may be expected. Also, the weekend has negatively influenced Bitcoin and Altcoins in recent months. Will the trend continue during this weekend? If so, the crypto market is in trouble.
The price of bitcoin has tumbled 11 years’ worth of losses. Also, blockchain activity nosedives in the last three months. It’s the most significant drop since the third quarter of 2011 when BTC dropped from $15.40 to $5.03. The U.S. SEC’s rejection of a bitcoin ETF application added to the ongoing crypto crash. The stock market’s decline reignited worries about a recession. The S&P 500 Index also suffered its worst first-half performance in decades.
The live Bitcoin price today is 19,490.20 USD with a 24-hour trading volume of 16,563,768,491 USD. Bitcoin is up 2.00% in the last 24 hours. Ethereum`s price stands at 1,075.48 USD with a 24-hour trading volume of 8,663,180,519 USD. Ethereum is up 1.16% in the last 24 hours. The global crypto market cap is $877.39B, a 1.32% increase over the last day.
Crypto prices drop has served as a period where the El Salvadoran President buys BTC dip. Its president remains unfazed by the potential dangers of the crypto winter. Nayib Bukele announced on Twitter that his government purchased 80 bitcoins for around $19,000 each BTC. It’s the lowest price for Bitcoin since it became legal money in September 2021.
President Nayib Bukele maintains his position that Bitcoin is the future. On 9 May, El Salvador made a 500 BTC purchase. Bukele stated that the price paid was $30,744 in a transaction worth approximately $15 million. El Salvador currently has 2,381 Bitcoin in its reserves as a result of the latest BTC dip purchase.
Investors had heavy expectations at the start of 2022. According to predictions, investors anticipated that by year’s end Bitcoin would reach $100,000. This was not a long shot considering BTC was valued at $69,000 in November 2021. However, things did not go as planned. BTC has lost more than 70% of its value owing to macroeconomic factors and the crash of Terra.
The crypto market has been under threat due to the continuing recession worries. As a result of this and other macroeconomic variables, investors are fleeing the highly volatile crypto market for more reliable stock trades. In addition, incoming centralized regulations intended to regulate the decentralized economy have exacerbated the confusion. However, crypto entities such as MicroStrategy remain unconcerned. On 29 June, the entity paid $10 million for 480 BTC at an average price of $20,817.