Main menu


Crypto Crash: Bitcoin Drops Below $24,000, How Low Can It Go?

 Like the entire market and the stock market, bitcoin is going through difficult times.

Less than a month ago, bitcoin was worrying when it fell below the $30,000 mark. And the situation has not improved since then, quite the contrary. This Monday, June 13, the cryptocurrency fell below $24,000, its lowest level since December 2020.

Bitcoin at its lowest in a year and a half

During the weekend, the equivalent of 200 billion dollars thus evaporated from the market. The value of crypto-currencies is very dependent on the state of the real economy, and this is currently very unfavorable to them, between galloping inflation and rising central bank interest rates.

Cryptocurrencies are also closely tied to traditional financial markets. When the stock market goes down, as it is right now, bitcoin and its cronies tend to follow and dive.

Bitcoin's value is 63% lower than its all-time high. In the past, the crypto had already fallen to -80% from its all-time high. Quoted by CNBC, Vijay Ayyar, an executive at the Luno platform, anticipates further declines in the month or two to come.

The fateful question then arises: is it the time to buy at a low price or to resell before another tumble?