This is the 10th time Bitcoin crashed by around 30% since 2017.
While it tumbles the price, Bitcoin took the majority of cryptocurrencies with it. Solana, AAVE and others are overcoming the chaos, and everything looks bad. This is Bitcoin’s 10th crash in history.
The chart looks bleak right now. This is after a bumpy week that has sent the price of 1 BTC dropping from $59,434 to $43,974. Though Bitcoin price drop doesn’t seem to stop yet, this is not the first time that it happens to BTC and it always recovers eventually.
Routine Blow-Offs approximately 30%
The table shows that dramatic drops in value are recurring events.
|Date||BTC price % drop|
A drop in value is almost as big as the recent one that took place in January. The market quickly pushed the price to a new all-time high soon after.
Why did BTC drop?
There are some factors that may have affected the dip:
Tesla cancels the option to pay in BTC
Tesla’s suspension of Bitcoin payments because of energy implications gathered many responses from the industry. Saying that the network could be operated in a sustainable way. Now Green Bitcoin initiatives have started popping up.
The suspension of Bitcoin payments to its extreme power consumption sparked a Bitcoin sell-off that dropped 13% in 24 hours.
Environmental issues for Bitcoin mining
A New York-based bitcoin mining operation, Greenidge Generation, announced that they will be carbon neutral in June after the media storm that got a lot of people talking about the environmental impact of cryptocurrency mining.
Cryptocurrency trading is still high-risk and high reward. Panic selling is not a best move as of now, for big companies still buy the dip.
📣 Cryptonetwork.News is now on Telegram. Click here to join our channel and stay updated with the latest Cryptocurrency, Blockchain, and Cryptomining headlines