Bitcoin’s Record Breaking Losses Accelerate as It Loses More Money
Bitcoin fell through several price levels that were closely monitored to its lowest level since late 2020. This is evidence that the crypto industry continues to feel the effects of increasing stress against the backdrop of tightening monetary policy.
According to Bloomberg data, the largest digital token in market value fell as high as 15% to $17.599 on Saturday. This was a record-breaking 12th consecutive day of decline. This is the second-largest drop since Monday. The Ether price fell 19% to $881. This is the lowest level since January 2021. Both the bellwethers of the crypto market are down 70% from their all-time highs in November.
“What we are seeing is more liquidations driving sentiment and prices lower, which triggers additional liquidations and more negative sentiment – some flushing out needed still but this will eventually exhaust itself,” stated Noelle Acheson of Genesis, one the most well-known and largest lenders in digital-assets.
Bitcoin fell below US$19.511, which was the highest it reached during its 2017 bull cycle. It had reached that level at the end 2017. Bitcoin has not fallen below its previous cycles peaks in the course of its 12-year history.
Alt-coins also suffered from investor apathy in the wake bitcoin’s collapse.
Every token listed on Bloomberg’s cryptocurrency monitor traded in the red. Cardano, solana and dogecoin saw 24-hour drops of 9 to 12 percent on Saturday. Privacy tokens like monero or zcash suffered losses up to 11%.