Bitcoin prices stumbled below 10% to trade at around 48,000 USD.
Since the beginning of 2021, cryptocurrencies have experienced a good amount of bullish markets. Although, with major bull runs come major dumps as well. We look at the latest news in Bitcoin price dumps.
Major Updates
- Bitcoin and Ethereum declined by 21% and 11% this week.
- Bitcoin has withdrawn from the stated all-time high by 23%.
- JP Morgan predicts potential bearish actions following slumps.
- Gold Bug and Crypto Expert take to Twitter.
Quite recently, Bitcoin has been moving onwards for the $60,000 mark point. This is owing to major adoption and widespread acceptance of the coin. From being added to major balance sheets to several market-shifting promotions, Bitcoin and other cryptocurrencies have been having a great year.
Unfortunately, the 60,000 USD market was utterly rejected. It caused a massive dip. It occurred on April 17 that prices dropped by 20%, a bearish action that took place under an hour.
Over the past few days, the markets have tried but failed to successfully conquer the 60,000 USD point. This has been going on for some time, leading to the recent dip.
Several experts had already been speculating future bearish moves of Bitcoin price these past several days. Data recorded from Cointelegraph suggested efficient profit-taking would lead to an impending slump.
JP Morgan also implied that more bearish markets are in Bitcoin’s future if the prices fail to stumble over 60,000 USD.
Owing to the recent significant loss, discussions have been made by experts, one being by Mira Christanto. She explained that prices have bearishly withdrawn further away from the all-time by 23%.
Experts also take to social media like Twitter to share their thoughts. Infamous Gold advocate Peter Schiff uses this opportunity to express his critique. He did so various Tweets, most directed at crypto expert Anthony Pompliano.
Similarly, Ethereum also experienced Bear markets. Ethereum also took a huge tumble downwards by 8%, all in under the past 24 hours.
Nevertheless, Ethereum has been doing a lot better than bitcoin since the beginning of the year.
Conclusion
In summary, top coins are looking bearish, with Bitcoin and Ethereum dumping by 21% and 11% in the past seven days. This could be a sign of the bull run to the over. We could only hope for the bulls to overtake once again.
Question of the Day
What do you think about the massive dumps of cryptocurrencies?
