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Bitcoin's price has suddenly dropped below the all-time low of $20,000 set in 2017. This occurs as the stock market, as a whole, plummets due to widespread rumours and persistent issues.
On Binance, the price of BTC fell below $20,000 for the first time since December 2020.
At the time of writing this article, the cryptocurrency has plunged to a low of $19,066 on Bitstamp Exchange, which is below the legendary previous all-time high of $19.7K set in 2017.
According to the research done by Fortune, Bitcoin might fall below $10,000, based on the analysis done by a renowned crypto quant fund manager.
Since early this year, Leigh Drogen, general partner and CIO of Starkiller Capital, a Texas-based digital assets quantitative hedge fund, has been cautious of the crypto markets. He claims that for much of the first half of the year, his company stayed away from cryptocurrencies like Bitcoin and Ethereum, preferring to sit on the sidelines. Bitcoin has lost roughly 70% of its value since November in 2022.
Meanwhile, the price of Ethereum has fallen below the $1,000 per ether mark, losing 10% in the previous 24 hours, while BNB, XRP, Solana, and Cardano have all lost a comparable amount. Over the course of this month, the combined crypto market has lost about $400 billion, bringing the whole market worth below $1 trillion.
Arthur Hayes, the prominent co-founder of the bitcoin and crypto exchange BitMEX, cautioned traders earlier this week that if the bitcoin price falls below $20,000, they "may as well shut off [their] computer."
The problem worsened this week when a prominent crypto lender, Celsius, halted withdrawals. Three Arrows Capital, a well-known crypto hedge fund, is on the verge of collapse after its chief executive Su Zhu sought to soothe the market by declaring on Twitter that the company is "fully committed to working this out."