Tuesday, November 29, 2022
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Bitcoin falls again and struggles to hold $20,000

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Bitcoin, the best-known cryptocurrency in the market, is trading lower again this Monday and is struggling to maintain the level of $20,000, a level that it managed to recover the day before after bouncing almost a 16%.

According to data from Bloomberg, at 8:00 a.m. this Monday, bitcoin is down 2.67% and is trading at $20,058.

However, this morning, it has reached a minimum of $19,618.

Bitcoin returns to the negative trend after bouncing 15.87% on Sunday, an increase with which it managed to recover from the sharp drop on Saturday (-13.79%), a session in which the cryptocurrency reached a low at $17,599, its lowest level since December 2020.

Yesterday, bitcoin also managed to break a streak of twelve consecutive days of sharp falls, a period in which it reduced its value by more than 43%.

Also, since last November, when it reached highs near $69,000, the cryptocurrency has lost more than 71%.

Experts explain that the collapse of bitcoin is due to the tightening of the monetary policies of the central banks, with the consequent fear of the markets of a recession, to which are added the measures adopted by several companies in the sector due to the fear of a “crypto winter” (a prolonged period of falling prices), which have generated distrust among users.

In this context, last Monday bitcoin plummeted 15%, after learning that the cryptocurrency trading platform Celsius Network suspended all transactions between clients and vetoed the withdrawal of capital due to the “extreme conditions” of the market.

It also emerged yesterday that token holders from Solend, a Solana blockchain lending app, have temporarily taken over the account of a large user under the threat of a big liquidation, says Bloomberg.

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