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Friday, January 27, 2023

Bitcoin Price Has Gone Below $20K For The First Time Since 2020

The price of Bitcoin went on to immerse itself in a bear market first on the 18th of June as the price action gave up on the support of $20,000. According to data received from TradingView and Cointelegraph Markets Pro, it was understood that the price exchange had been sliding under the price level of $20,000 since the December of 2020- as it reached press-time lows of $19,066.

With the nerves heightening after the comments passed by the United States Federal Reserve on inflation, a large section of the crypto market bore the brunt of a sell-off- which began after shock CPI figures the last week.

Bitcoin Price Falls To Record Lows

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As it was losing the psychologically significant mark of $20,000, Bitcoin also went on to achieve a lifetime first- where it dropped below its previous halving cycle’s high for the very first time in history. The largest cryptocurrency in the world did have some time as it avoided the move- with it being kept specifically for altcoins- as Ether has now slipped below the $1,000 mark for the very first time since January of 2021. Commentators went on to attribute the latest weakness mostly to liquidity problems at the investment fund Three Arrows Capital along with the existing troubles which were tied to Celsius- a FinTech protocol.

Zhu Su, the co-founder of Three Arrows, mentioned that the firm was completely in the process of communicating with all the relevant parties and were also committing to solving this crisis out. As it stands, the abrupt dip below the price of $20,000 did come during the weekend trading of Bitcoin where the thin order book liquidity amplified the volatility.

The Bitcoin/USD exchange then went on to seal 37% losses for the first couple of weeks of the month- which made June the worst month on record. This was received from on-chain monitoring resource Coinglass. 

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