Bitcoin and cryptocurrency prices have fallen, hitting the combined cryptocurrency market value of around $300 billion in just two days.
After Bitcoin price traded around $69,000 a few weeks ago, Bitcoin price has dropped to around $51,000, a drop of almost 30%. The recent move has lost nearly 10% of other major cryptocurrencies like Ethereum, Binance’s BNB, Solana, Cardano and Ripple’s XRP in just 24 hours.
The sudden sale of Bitcoin and cryptocurrencies as a result of some serious price drops is a well-known investment that could destroy the Bitcoin “downgrade” and crypto bubble that the Federal Reserve has been waiting for. After warning from Luis Navelier.
“The Fed is on a downturn, which should modify the risk assets that are part of Bitcoin,” Navelia wrote in the first reported comments. Insider.. “The lower the Fed, the more volatility we should see in stocks and bonds and of course Bitcoin.”
Bitcoin and especially small cryptocurrencies remain highly volatile compared to traditional markets like Ethereum, Binance’s BNB, Solana, Cardano, Ripple’s XRP and others. at double-digit rates in a few hours. It jumps a lot.
Navellier warned that the Bitcoin price for Bitcoin could drop below $10,000. That could be down more than 80 percent from a record high of $70,000 the previous month. Bitcoin adults and crypto investors believe that the price of bitcoin will be much higher in the years to come, but the price of bitcoin has declined in the same way in the past.
Below $46,000 (200-day moving average) turned into a yellow flag, and below spring lows of $28,500 it became a completed large-scale double high. That’s less than $10,000. This shows that there have been many more than 80% declines in its illustrious history,” said Navelier.
Navellier, who has been watching the market and selecting stocks since the 1990s, cites the crypto companies’ hefty advertising fees as evidence for fans of the bitcoin and crypto markets. Trading platforms like Crypto.com and FTX have been dissatisfied with millions of dollars in campaigns and sponsorship deals over the past few months.