Bitcoin Price Continues to Fall Every Day What is the Cause

Lutfi

Bitcoin Price Continues to Fall Every Day What is the Cause

Rancakmedia.com – Below is the latest information that we will provide in detail regarding the price of bitcoin which continues to fall to its lowest price, see the explanation in the following article.

The crypto asset market still looks shiny on Wednesday (15/6/2022) WIB. According to Coinmarketcap, seven of the ten largest crypto assets by market capitalization have seen their prices rise in the previous 24 hours.

The brightest cryptocurrency value was Solana or SOL which jumped 6,24 percent to 28,97 US dollars. Then, Cardano or ADA jumped 5,13 percent to 0,47 US dollars, while Polkadot (DOT) rose 5,2 percent to 7,25 US dollars.

The XRP currency also strengthened, rising 3,35 percent to $0,31 in US dollars. Followed by Dogecoin (DOGE) which increased 0,8 percent to 0,05 US dollars.

Meanwhile, the value of Bitcoin (BTC) continues to fall. As the largest crypto asset by market capitalization, BTC fell 3,2 percent to 21.748 US dollars, equivalent to Rp. 319 million per chip (conversion rate IDR 14.699 per US dollar) (exchange rate IDR 14.699 per US dollar).

This weakening was also followed by Ethereum (ETH) which fell 0,7 percent to 1.183 US dollars. Binance Exchange (BNB) then fell 0,41 percent to $219 US dollars.

A 0,04 percent rise in Tether (USDT) and a 0,02 percent rise in USD Coin (USDC) were the only other major cryptocurrencies to see gains this morning. Of note, USDT and USDC are stable types of cryptocurrency designed to maintain a constant value in relation to the US dollar.

Quoted from CNBC, liquidity problems at crypto asset financing provider Celsius make investors fear the collapse of large companies in the crypto market. Celsius has decided to temporarily block all account withdrawals, sparking fears of a collapse.

On Tuesday, Bitcoin fell below $21.000 for the first time since the previous day. Additionally, this was the smallest decline in the previous 18 months for bitcoin.

Investors in cryptocurrency are concerned that a possible collapse of the Celsius network could worsen the current state of the market. Moreover, recently the Terra stablecoin also experienced a crash worth 60 billion US dollars. Terra also has a small investment from Celsius, although it is low risk.

“In the long run, everyone is really bracing themselves for more negative things. Hedge fund executive director Cryptocurrency Mikkel Morch warns that “a bearish market state is building now.

Monsur Hussain, senior director of the institute finance at Fitch Ratings, said the liquidation of Celsius' assets would shock the crypto market, and possibly lead to a decline in crypto assets.

“The liquidation of Celsius assets, could further disrupt the crypto asset market, leading to an even bigger decline in crypto prices,” Hussain added.

Bitcoin Prices Continue to Fall Investors Flee

The crypto market is facing apocalypse-like volatility. The reason is, the value of Bitcoin and Ethereum continues to fall this week. In fact, if they continue to record losses, investors will stay away from crypto assets. On Monday (13/6), the price of Bitcoin (BTC) BTC fell below USD 25.249, down 7 percent over the past week.

A year and a half after the peak, the price of Ethereum (ETH) fell to USD 1,345. The annual inflation rate in the United States has risen from the previous estimate of 8,3 percent to 8,6 percent since May.

The current BTC selloff is one of the significant causes that is pushing Bitcoin towards prices below the USD 30.000 limit.

Quoting Kitco News, Fairlead Strategies founder and managing partner Katie Stockton stated that the short-term prognosis for bitcoin continues to worsen.

“Bitcoin has seen its daily stochastics swing downwards following a weak response to a short-term negative exhaustion indicator,” Stockton said.

Poor performance in the stock market also has an impact on Bitcoin. The level to monitor is if USD 27.000 can hold. Additionally, a drop below USD 19.000 is a real possibility.

Bitcoin risks currently continuing to rise from a retest of long-term Fibonacci support indicating medium and long-term momentum portends additional downside.

How Far Bitcoin Prices Continue to Fall

Bitcoin price is killing it, with the most severe drop for 2022. BTC price decline has broken through important support levels and every backbone of bullish resistance in its path.

Expect to see additional downside as initial support is below $20.000. The price of Bitcoin (BTC) is in a tight situation, and is susceptible to some wild fluctuations in a market where every asset class has experienced capital withdrawals.

Unfortunately, risk assets such as cryptocurrencies and equities have sold out more than bonds and commodities, with only one winner in the Forex market: the US dollar.

Price action is expected to continue downwards as the prevailing theme is unlikely to fade any time soon, barring negative buying which seems inappropriate for the current bearish pressure dominating the market.

How Far Bitcoin Prices Continue to Fall

Bitcoin prices fell on Monday after the dollar's strength continued from its previous position on Friday. To add insult to injury, just as many were starting to forget the Terra LUNA tragedy, a new crisis occurred when crypto brokers were forced to admit that blocked orders had caused a backlog and were thus inaccessible for dealers to convert cryptocurrency into dollars.

As a result, the asset class fell into a state of chaos and fear, with many wondering whether another LUNA scenario would play out or whether a default was imminent. As a result of these two basic factors, the price of bitcoin fell below $24.000, breaking its previous low.

With a close below monthly S1, the only trade possibility now is a rejection after correcting back to S1, and then a fall back to find support. Immediate support is $19.036,23, which implies that the $20.000 barrier may give way.

Crypto BTC or USD Chart Daily

On the other hand, in the case of a rebound and bull run at the current lows, a close back above the monthly S1 and $24,000 may soon offer greater room for profits. There's no change from last weekend, so we're back at $28.695,13.

If the FED and BOE help calm markets by adjusting their inflation tone and show they are doing a very good job managing it, expect to see a possible rise back to $30.000 next week.

Any forward-looking statements on this page are subject to risks and uncertainties. The markets and instruments mentioned on this page are for informative purposes only and should not be construed as a recommendation to buy or sell shares.

Investing in Forex involves several dangers, including losing all or part of your money, as well as mental turmoil. All risks, losses and expenses related to investments, including all principal losses, are your responsibility.

Conclusion

Seven of the ten largest crypto assets by market capitalization have seen their prices rise in the previous 24 hours. The value of Bitcoin (BTC) fell by 3,2 percent to 21.748 US dollars on Wednesday. Binance Exchange (BNB) saw its value fall 0,41 percent to $219 US dollars.

Bitcoin and ETH values ​​continued to fall this week. If they continue to record losses, investors will stay away from crypto assets. Fitch Ratings said the liquidation of Celsius assets could lead to a decline in crypto assets. This material is not designed for purchasing or trading cryptocurrencies. That's the discussion about crypto in this article, don't forget to read other recent articles.

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Lutfi

Hi, let me introduce myself, Lutfi Hulasoh, I am a writer and techno blogger. I started creating a personal blog writing informative articles about the latest trends and developments in technology. My writing covers a wide range of topics, from mobile applications to artificial intelligence, and I can also provide easy-to-understand explanations to help readers understand complex concepts.