coinquora.com
As the crypto market continues down the drain, Bitcoin (BTC), the cryptocurrency with the most significant market value, broke below the $20k price point for the first time since December 2020.
BTC has fallen for 12 straight days this month of June. It fell by 12% to $18,700 early today after struggling to reach $21,337 in the last 24 hours.
Ethereum (ETH), the second contender, broke below the $1,000 price point alongside BTC. So far, ETH has touched $977, with an 11% loss in 24 hours. This new price point represents its lowest since January 2021.
Mike McGlone, an analyst for Bloomberg Intelligence, argued that BTC may “build a base around $20,000 as it did at $5,000 in 2018-19 and $300 in 2014-15.”
Despite the carnage in the market, CEOs of large blockchain corporations like Samom Mow and Adam Back still believe BTC will hit $100k.
So that makes 2 people calling for $100k #Bitcoin this year. Me and Adam.
In the darkness of the dip, few can see the light. https://t.co/6v4iAIJaad
— Samson Mow (@Excellion) June 17, 2022
The crypto market entered a reverse mode late last year, and the momentum has not slowed down since then. The current market stands at a fraction of its heights in late 2021 when BTC traded near $69,000. The global market cap of cryptocurrencies is slightly above $820 billion, down from $3 trillion in November 2021.
The most devastating incident yet is the last month’s implosion of the Terra blockchain and the recent decision by crypto lender Celsius Network Ltd. to halt withdrawals. Terraform Lab’s stablecoin, UST, lost its $1 peg, resulting in the over 10,000% collapse of Terra LUNA, leaving investors with over $60 billion in losses.