<p>One bitcoin price analyst says crypto market has entered ‘freefall’ on 22 June, 2021</p>

One bitcoin price analyst says crypto market has entered ‘freefall’ on 22 June, 2021

Bitcoin price suddenly crashes below $30k as crypto market enters ‘freefall’

More than half a trillion dollars wiped from the crypto market in just seven days

Anthony Cuthbertson
Tuesday 22 June 2021 14:31
Comments
Leer en Español

The price of bitcoin has crashed below $30,000, taking its total losses to more than 50 per cent since it hit an all-time high in April.

The cryptocurrency has suffered several price falls in recent days, having traded above $40,000 just one week ago.

>> Follow all the latest updates with The Independent’s live coverage of the crypto market

Several other leading cryptocurrencies have mirrored bitcoin’s latest crash, including Ethereum (ether), Cardano (ada) and dogecoin.

The market-wide crash took the overall market cap of all cryptocurrencies combined below $1.2 trillion for the first time since February. Half a trillion dollars has been wiped from the market in the last seven days alone.

“The crypto market is in freefall with support levels broken with ease…the latest Chinese mining ban is fuelling the move lower but the overall market tone is very negative with little reason to buy the market,” Nicholas Cawley from trading analysis firm DailyFX, told The Independent.

“It’s a guessing game at the moment – will bitcoin be up or down $10k in a month’s time – no-one knows and those who tell you they do know, don’t. We have seen these moves before, and will likely see them again. If you believe in cryptos, and are a holder, your exit strategy has just been pushed further into the distance.”

Alex Siman, founder of decentralised social network Subsocial, added: “At this rate of fall, it’s difficult to predict the level at which the price will form a baseline for an imminent rebound, as big investors with the potential to reverse prices are choosing to watch from the sideline.

“While we can still see a positive dynamic before the end of this year, to me, steeper plunges to $20,000 won’t come as a surprise either.”

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Join our new commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in