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Bitcoin Collapses To $27K
As of this writing, Bitcoin (BTC) is taking a beating and trading at $27,560.18, down 7.8% in the last seven days, Coingecko data show. This occurred after the world’s largest cryptocurrency remained steady at $30,000 for two days.BTC total market cap at $523 billion on the weekend chart | Source:Darshan Bathija, CEO and co-founder of Vauld, explains:
Currently, the cryptocurrency market has lost 6.1% in the last day alone. This number is lower than the lows recorded in July 2021, when market capitalization reached $1.32 trillion. The entire crypto-economy has not been priced this low since the first week of February 2021. Bitcoin fell to two-week lows on June 11 as bears concluded the week’s trading on Wall Street.“We are witnessing frequent short-term spikes in volatility because market participants are trading inside a restricted range due to uncertainty regarding the crypto market’s response to macroeconomic conditions.”
‘Substantial Rebound’ Ahead
The BTC/USD pair fell in tandem with stock markets on Friday, wrapping up the week with a hefty loss – the S&P 500 and Nasdaq Composite both dropped 3% and 3%, respectively. Meanwhile, despite the negative reports, investors can anticipate a “substantial rebound” in the fourth quarter of this year for the USD value of bitcoin. According to Nigel Green, CEO and Founder of deVere Group, Bitcoin is highly associated with global stock markets, and a bottom is near for everyone.“I believe that we’ll soon see a bull run that will lead to a significant bounce in the fourth quarter of the year for the world’s leading digital currency,” Green said.
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Featured image from Inc Magazine, chart from