CRYPTOCURRENCY COLLAPSE WHAT YOU NEED TO KNOW ??
This publication highlights the recent fact bordering on the tumbling price of the Major Cryptocurrency player (BTC) and how it affected all other leading Cryptocurrencies.
The Bitcoin recent declined dropped it out of the trading range thereby completely reversing the most recent bull run that drove the token to a record of $69,000 in November last year 2021.
Four straight days of Cryptocurrency collapse has the token struggling with the lowest price at $29,730 since July 2021, this cryptocurrency collapse inadvertently affected all other leading Cryptocurrencies like Ethereum (ETH) and Solana (SOL)
The Price drop comes amid a broader crypto market collapse, with ETH mirroring Bitcoin’s decline matching it’s 13% price fall since last week while some other currencies fared worse. Solana (SOL) declined by 16%, and Terra (LUNA) which saw a 25% drop.
The overall crypto market capitalization is down by more than half it’s ATH (all time high) as at last November 2021 and worth less than $1.5 trillion as at the time of this publication
The measured emotion of the #cryptocurrency collapse as at yesterday 09 May 2022 was tagged at 11 per cent by the fear and greed index site. The Metrix for measurement stems from FOMO (fear of missing out) and so people tend to sell their coins in reaction to seeing red numbers and buying all coins in reaction to seeing green numbers.
Most analysts are not certain if the latest cryptocurrency collapse would be part of a longer-term bear trend or just a temporary dip.
In what seems to be a bumpy year for bitcoin as it fell below $30,000 on Tuesday morning 10th May 2022 leaving Bitcoin on the precipice of a key support level and at risk if it doesn’t bottom out soon.
Will the calm last……………….. ??? ?????fingers crossed
Find out in our subsequent publication….. Follow us at Nebo Finance to keep you updated on the calm and what to do next week ?????
- Precipice : A point where danger, trouble, or difficulty begins usually singular.
- Bull Run : A period in the market where prices trend higher.
- Bear Trend : Occurs when a market decreases in value over time and general sentiment becomes pessimistic.