The crypto bloodbath continues. Bitcoin fell as low as $18,739.50 and stayed below $20,000 on Saturday, according to CryptoCompare, losing 72% of its value from its high in November 2021. Concerns about the Federal Reserve’s actions to tame higher-than-expected inflation have pushed both stocks and cryptocurrencies into a bear market. Big names in the industry, including Coinbase or Crypto.com, have recently announced job cuts. Analysts see $14,000 as a realistic scenario for the leading cryptocurrency. Crypto Winter is the new reality!
Ether, another major crypto, fell below $1,000 briefly. Bitcoin’s slide from its record high of $67,802 in November has contributed to a roughly $2 trillion wipeout in the broader market. Crypto’s total market capitalization, which peaked in November at nearly $3 trillion, stood at around $845 billion on 18 June 2022, its lowest since January 2021, according to data provider CoinMarketCap.
WSJ reports that individual investors have received margin calls, with almost $290 million of collateral pledged by more than 81,000 retail traders liquidated over the past 24 hours, according to data provider CoinGlass. That compares with $1 billion earlier this week.
