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Bitcoin Plummets Below $16k, Taps Another 2-Year Low

Bitcoin crashed back underneath $16,000 on Monday, marking another 2-year low of $15,588

  • Bitcoin started to reveal weak point at $16,000 at approximately 16: 30 UDT, when the rate briefly wicked to $15,917
  • The possession then recuperated to approximately $16,000, prior to crashing once again to $15,588 at 19: 45 UDT.
  • Ethereum likewise collapsed listed below $1,100 to simply $1,084 at the time.
  • The last time Bitcoin’s cost touched these lows remained in early November 2020, prior to Bitcoin’s booming market run that took it to $64,000 in April2021
Bitcoin/ USD. Source: TradingView
  • This is Bitcoin’s 2nd time taping a 2-year low this month, after its descent to $15,700 in the wake of FTX’s collapse.
  • Contagion from the fallout continues to spread out, with significant financing companies like BlockFi and Genesis both stopping withdrawals and looking for financial assistance.
  • Bitcoin miners likewise seem offering Bitcoin at a record speed, as increased network problem and low Bitcoin rates capture their revenue margins.
  • According to Coinglass, over 67,000 traders were liquidated within the past 24 hours, for $188 million in overall. The biggest single liquidation occurred on BitMEX for $7 million.
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