Bitcoin the cryptocurrency that decides the fate of the entire crypto market has just dropped below $36000 and now the entire crypto market seems to be bleeding. This crypto market crash was very unexpected and nerve-breaking for many traders out there. This $100 billion Crypto crash may have sent many altcoins prices to free fall. But there is one good thing that might happen.
This is by far one of the worst and most sudden crashes in Bitcoin’s price. Bitcoin is down 8% in the last 24 hours and it seems to get worst. Many crypto traders are expected to get liquidated.
The move is by and large in accordance with a more extensive pattern across monetary business sectors on Thursday as most significant US stock files were down. At the hour of composing, the Nasdaq 100 is down a little more than 700 focuses, or a generally 5.1% misfortune, since the open.
Bitcoin’s cost rose Wednesday subsequent to the beginning of May — which has generally been a decent month for the crypto — in the red in the wake of moving downwards all through April.
Somewhere else, Coinbase’s stock cost slumped as much as 11%, down from $124.69 at open to as low as $112.63. Coinbase has since recuperated possibly to exchange at $115.64 at the hour of composing.
Why Bitcoin Crashed Today
The most apparent reason behind the Bitcoin crashing crypto market is the recent event of the Fed aggressively increasing the interest rate. This is regarded as the most probable reason behind this crypto market crash today. Be cautious because there may be more crashes coming ahead our way.
The market has had a delayed response to the Federal Reserve’s biggest rate hike since 2000, first spiking on Wednesday’s news and leading market watchers to believe the potentially “bearish event” to have been “priced in.”
“The market clearly priced in this bearish event during the weeks leading up to the FOMC meeting, where we saw significant sell pressure,” Marcus Sotiriou, an analyst at the U.K.-based digital asset broker GlobalBlock, said in emailed comments following the Fed’s decision.
Earlier this week, a veteran trader warned the bitcoin price could fall as low as $28,000, down $10,000 per bitcoin from its current price.
Russian- Ukraine may also seem to be one of the causes behind this cause. This war has been bringing down the prices of cryptocurrencies to dust. For an overall good crypto market, we need this war to get over as soon as possible.
Can Bitcoin Rebound From This Crypto Market Crash
Bitcoin price coming can come back up as quickly as it fell. This is crypto market anything could happen. Bitcoin still has slightly higher chances of bouncing back from this crash and forming bullish sentiments again. For now, we have to wait and see what happens with bitcoin. There is much bullish news coming from the crypto industry.
Bitcoin’s price action history is proof that whenever the market has crashed it’s only for good. Now more institutional and normal retailers will rush to buy Bitcoin since it is trading at a very cheap price. Many big investors might see this dump as a “buying the dip” opportunity. You might not agree with me but I see this as a “correction before a mega pump”.
