Bitcoin fell to its lowest levels in more than three weeks, below $22,000, amid a sudden sell-off in cryptocurrencies that began in the European market.
Bitcoin was “sinking” from $22,738 to below $21,352 after 9pm on Friday (Greece time), according to data from CoinDesk. Earlier in the morning, the most well-known cryptocurrency was trading between $21,500 and $22,000.
The drop comes shortly after Bitcoin breached the $25,000 barrier for the first time since June, following the recent rally in US stocks.
Ether, the second-strongest cryptocurrency, fell from $1,808 to $1,728 before rebounding gently. Shortly after 9am Greek time, it fell further to $1,695.90.
The cause of the fall could not be immediately determined.
“It was not a classic blitz, as these assets did not recover immediately but continued to fall,” said Susannah Streeter, senior analyst at Hargreaves Lansdown. “It seems likely that this was the result of a large transaction, in the absence of other external factors.”
According to her, Cardano started the sudden fall in cryptocurrencies, followed by Bitcoin and Ether, and then the smaller Dogecoin joined the “dance” of the fall.
“The market fears we are headed for a cryptocurrency winter,” he concluded.
Digital currencies may have followed the “brake” on stock markets.
Ether is up more than 100% since mid-June as investors prepare for a pivotal upgrade to the ethereum network.
Source: Capital
I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.
