Bitcoin falls below $17,800 as the sell-off revs
Key takeaways:
- Bitcoin dropped to around $17,749, and ether plunged to almost $897 on Saturday afternoon as the sell-off in the crypto market accelerated.
- The world’s two most famous cryptocurrencies have been down nearly 35% in the past week, breaking symbolic price borders.
- Bitcoin peaked at $68,789.63 in November.
Bitcoin dropped to $17,749, and ether plunged to $897 as of approximately 4:15 E.T. on Saturday afternoon, as the sell-off in the crypto market accelerated. The world’s two most famous cryptocurrencies were down more than 35% in the previous week, as both violated symbolic price snags.
Bitcoin peaked at $68,789.63 in November, and it last sold this low around November 2020.
The massacre in the crypto market is partially driven by pressure from macroeconomic forces, including spiraling inflation and a series of Fed rate hikes. We have also seen these blue-chip cryptos trail equities lower. It doesn’t help that crypto companies are laying off large swaths of workers, and some of the most famous names in the industry are facing solvency meltdowns.
The week began with crypto prices plunging and bitcoin falling as much as 17% at one point in the day. It appeared like the crypto winter was here.