Bitcoin Price Crash: There has been a lot of volatility in the cryptocurrency market for the past few days. Since the end of the Binance FTX deal, there has been a tremendous decline in the price of bitcoin. The heavy downtrend that started on Tuesday has continued on Wednesday as well.
Today, the price of bitcoin recorded a fall in the initial phase and it had come down to $ 16,000, but at the moment it is registering an uptrend. It was currently trending on Wednesday at $ 16,676. On the other hand, talking about Ether, its price has fallen by 6.3% and it has reached a record level of $ 1,169.
Tremendous drop recorded in bitcoin
Significantly, the world’s most popular cryptocurrency, Bitcoin Price, is registering a tremendous fall in the price. Last year its price was $ 69,000, which has now come down to only $ 16,000. In such a situation, there has been a huge drop of about 75 percent in its price. The biggest reason behind this huge drop in the price of Bitcoin is that Binance has announced that it is withdrawing from the deal with FTX. Since then, there has been an atmosphere of panic among the investors and due to this a huge sell-off has been seen in the crypto market.
The reason behind the decline in bitcoin
Let us tell you that due to the problem of liquidity in FTX, crypto has registered a decline of about $ 2 trillion in the last few weeks. Along with this, for some time, many central banks around the world have tightened their monetary policy. In such a situation, it is also having a bad effect on the cryptocurrency market. About $180 billion has already been cleared from the crypto market due to the financial crisis of FTX. Along with this, there has been a double digit decline in the price of Altcoin Space, MATIC, AVAX and SOL. Along with this, after the exit of Binance’s FTX deal, the crypto market could see more turmoil in the coming days. In such a situation, the investors of Bitcoin are suffering a lot.
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