Bitcoin Takes A Beating At $27K As Crypto Economy Settles Just Above $1 Trillion

Christian Encila

1 year ago

2 mins read

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The global cryptocurrency market was on track for another decline on Saturday, as Bitcoin and other top cryptocurrencies took a significant blow throughout the day.

The $1.19 trillion crypto industry is currently worth less than it did in July of last year. In the past week, the majority of prominent cryptocurrencies, including Bitcoin, Cardano, Ethereum, Solana, and others, have extended their losses against the US dollar.

Overall, the leading cryptocurrencies have lost between half and 80% of their all-time price peaks.

The BTC price dropped below $30,000 on Saturday following the release of a critical inflation report on Friday, which showed little indication that price drops will soon begin to cool off.

Suggested Reading | Dogecoin Mining Revenue Massively Fell In Past 12 Months

Bitcoin Collapses To $27K

As of this writing, Bitcoin (BTC) is taking a beating and trading at $27,560.18, down 7.8% in the last seven days, Coingecko data show. This occurred after the world’s largest cryptocurrency remained steady at $30,000 for two days.

The dominant cryptocurrency has been trading inside a narrow range for weeks, as crypto and stock markets have struggled to recoup significant upward momentum following a month-long sell-off.

Analysts also point to the ongoing conflict in Ukraine and worries over a tightening of monetary policy by the U.S. central bank as reasons for the decline in stock and cryptocurrency values.

BTC total market cap at $523 billion on the weekend chart | Source: TradingView.com

Darshan Bathija, CEO and co-founder of Vauld, explains:

“We are witnessing frequent short-term spikes in volatility because market participants are trading inside a restricted range due to uncertainty regarding the crypto market’s response to macroeconomic conditions.”

Currently, the cryptocurrency market has lost 6.1% in the last day alone. This number is lower than the lows recorded in July 2021, when market capitalization reached $1.32 trillion. The entire crypto-economy has not been priced this low since the first week of February 2021.

Bitcoin fell to two-week lows on June 11 as bears concluded the week’s trading on Wall Street.

‘Substantial Rebound’ Ahead

The BTC/USD pair fell in tandem with stock markets on Friday, wrapping up the week with a hefty loss – the S&P 500 and Nasdaq Composite both dropped 3% and 3%, respectively.

Meanwhile, despite the negative reports, investors can anticipate a “substantial rebound” in the fourth quarter of this year for the USD value of bitcoin.

According to Nigel Green, CEO and Founder of deVere Group, Bitcoin is highly associated with global stock markets, and a bottom is near for everyone.

“I believe that we’ll soon see a bull run that will lead to a significant bounce in the fourth quarter of the year for the world’s leading digital currency,” Green said.

Featured image from Inc Magazine, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.