Crypto Market Wipes Out $2.22 Trillion, Bear Market Fears Rise
The cryptocurrency market is experiencing one of its largest declines in history, with over $2.22 trillion erased from peak valuations and sentiment plunging into extreme fear. Bitcoin's price dropped to around $64,200 after a 4.5% decline in two hours, wiping out almost $990 million in open interest.
Nic Puckrin, co-founder of Coin Bureau, warned that the current downturn is one of the worst on record and that Bitcoin could hit a low between $55,000 and $58,000 before reaching its bear market bottom. He also stated that if corporate selling picks up, it could fall to $40,000.
Analyst Van de Poppe sees the growing gap between gold and Bitcoin as an opportunity to buy the dip. However, 10x Research's weekly report warns that oversold conditions alone are not enough when liquidity is evaporating and conviction is fading.