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The price of Bitcoin and Ethereum both fell by over 8% in the early hours of June 18, putting them below the feared $20k and $1k thresholds.
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On Saturday, the price of bitcoin dipped below $20,000 for the first time since late 2020, signaling that the cryptocurrency selloff is intensifying.
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In my last update in late May, see here, I predicted that Bitcoin (BTC) would fall to as low as $23K +/-1K. The cryptocurrency is currently trading around $21,000.
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Bitcoin's price has fallen to its lowest level since December 2020, while ether is on the verge of plummeting below $1,000 following Monday's unpleasant turn in the crypto market.
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Bitcoin surpassed the crucial $28,500 assist zone against the US Dollar. BTC is down 10% and may even fall below the $25,000 assist zone.
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Friday evening's release of U.S. inflation data is anticipated to send shockwaves through the markets and could bust Bitcoin (BTC) out of its narrow trading range.
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Bitcoin, like the internet and social media, benefits from "network effects," where increased usage boosts value and encourages more take-up.
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On Monday, cryptocurrency bulls seized control of the market, with Bitcoin leading the charge, breaking over the $30,000 resistance level it had been trading below on Sunday, and now heading towards $32,000, a price level not seen in 20 days.
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Last week, Cambridge University's Cambridge Centre for Alternative Finance (CCAF) announced an update to its widely recognized (and deservedly so) Cambridge Bitcoin Electricity Consumption Index (CBECI), which seeks to discover and disclose the global location distribution of bitcoin miners.
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Environmentalists and authorities have recently criticized Bitcoin (BTC) for its excessive energy use.
The price of Bitcoin and Ethereum both fell by over 8% in the early hours of June 18, putting them below the feared $20k and $1k thresholds.
