Downward movement: what will happen to the collapsed bitcoin

Downward movement: what will happen to the collapsed bitcoin

Bitcoin is going through difficult times right now. For a week and a half, the cryptocurrency has fallen in price by 39% and is trading at $ 19 thousand. Investors are concerned whether digital money should still be trusted and whether it is time to exchange it for euros or rubles. On the other hand, there is a temptation to invest big in the hope that bitcoin will win back the fall and bring tangible profits

The wave of depreciation began on June 7: then this asset was trading at the level of 31.5 thousand dollars. For the next nine days, the cryptocurrency steadily fell in price, falling to 21 thousand. As a result, bitcoin has lost a third of its value.

According to the American cable and satellite business news channel CNBC, the "cue ball" is falling amid a general sell-off of risky assets. Today, its capitalization has dropped to below $ 425 billion, and the total capitalization of the cryptocurrency market for the first time since February 2021 has fallen below the one trillion mark of the American currency.

Thus, investors lost about $200 billion. As a result, technical problems occurred on the largest crypto exchange Binance on June 13, and the withdrawal of bitcoins to users' wallets was temporarily suspended.

"Technical services will fix the problem within 30 minutes," Binance CEO Changpeng Zhao wrote on Twitter.

He later admitted that it would take "a little more time" to fix the glitch. In fact, the problems on the crypto exchange persisted for more than three hours. On the same day, the Celsius crypto lending platform announced the suspension of withdrawals due to "exceptional market conditions."

The wave of depreciation began on June 7: then this asset was trading at the level of 31.5 thousand dollars. For the next nine days, the cryptocurrency steadily fell in price, falling to 21 thousand. As a result, bitcoin has lost a third of its value.

According to the American cable and satellite business news channel CNBC, the "cue ball" is falling amid a general sell-off of risky assets. Today, its capitalization has dropped to below $ 425 billion, and the total capitalization of the cryptocurrency market for the first time since February 2021 has fallen below the one trillion mark of the American currency.

Thus, investors lost about $200 billion. As a result, technical problems occurred on the largest crypto exchange Binance on June 13, and the withdrawal of bitcoins to users' wallets was temporarily suspended.

"Technical services will fix the problem within 30 minutes," Binance CEO Changpeng Zhao wrote on Twitter.

He later admitted that it would take "a little more time" to fix the glitch. In fact, the problems on the crypto exchange persisted for more than three hours. On the same day, the Celsius crypto lending platform announced the suspension of withdrawals due to "exceptional market conditions."

Vague prospects

Everyone who is somehow connected with cryptocurrencies is concerned about one question today – what will happen to them next? According to Polkhovsky, it is possible that bitcoin will continue its decline to the level of 10-15 thousand dollars, after which it may bounce up. In turn, Alfio Bardolla suggests that until the special operation in Ukraine ends, and commodity prices do not return to their previous levels, American stocks are unlikely to recover, which means that bitcoin will not grow either.

"It is important to understand that this whole situation is temporary: in the past there were crises much worse (including bitcoin, but the markets were still recovering. Sooner or later, especially when the global macroeconomic context returns to a favorable state, bitcoin will begin to climb to its historical highs," Bardolla believes.