Just after 3 a.m. on Saturday morning, Bitcoin finally fell below $20,000. One hour later, Ethereum followed it down and fell below $1,000. Those figures were seen as much-dreaded key support levels for the top two coins by market cap.
But by 5:15 a.m. EST, both began to slowly climb back, appearing to avoid the immediate precipitous slide many predicted would happen if $20,000 and $1,000 were breached. Some may have hoped $18,979 and $987 would be the lows of this crash.
No such luck: things got worse again around noon. Bitcoin and Ethereum took another dramatic leg lower, with BTC going to $17,772 at 4:30 p.m. EST on CoinMarketCap, and ETH to $898 at 4:15 p.m.
The current Crypto Winter is different from 2018 in that crypto is tanking along with tech stocks as the broader economy looks shaky, inflation is ballooning, and a full-on recession looks imminent.
Kraken growth marketing director and Bitcoin influencer Dan Held declared on Saturday, "We are on the path of maximum pain." Antoni Trenchev, founder of crypto lender Nexo, said on Bloomberg on Friday that the current crash "reminds me, quite frankly, of the 1907 bank panic."
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Crypto bloodbath! How low will the major coins go, and what about Terra and stablecoins? Decrypt’s Dan Roberts, Jeff Benson, Stacy Elliott and Jason Nelson will discuss the news and parse through what’s happened and what might happen next.
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Institutional investor Bitcoin sentiment turned pessimistic on Friday as short Bitcoin inflows hit an all-time high, according to a new report from CoinShares.
Short Bitcoin funds give investors exposure to derivatives, like futures and options, that bet against the price of Bitcoin. While investors can enter into those contracts directly, the CoinShares report tracks the flow of funds for exchange-traded products.
By the end of last week, short Bitcoin investment products hit an all-time high...
