6 months ago Bitcoin was worth 60,000 dollars, now it has fallen below 30,000, although it is still well above what it was worth in 2020.
Despite being severely affected by adverse macroeconomic conditions and declining investor interest in risky assets, Bitcoin managed to consolidate around the $30,000 mark in recent weeks. However, the price of the cryptocurrency has now fallen below this psychologically important mark.
It’s been down 2.50% in value over the last 24 hours, and as the chart shows, it looks like it’s in a tailspin. At the moment it is the same as it was in January 2020, when it was rising unstoppably.
Ether was also seen in the red after a difficult day of mid-week trading, just like most other coins. Dogecoin also lost 3.7 percent in value over the last 24 hours.
This decline is constant, and makes the main players are on the lookout for a breakout. We are talking about a volatile asset, it is the first to be sold by institutions in times of crisis, and today there is a great fear of recession. Investors hesitate to return to the market, and sell everything they have.
Bitcoin is strong, it will not disappear, but all those who bet on this currency a few months ago will have to recover by betting on other assets. Countries like El Salvador, for example, will have a very difficult time after having bought so many bitcoins in 2021.