The bitcoin price has again dropped under the closely-watched $20,000 per bitcoin level after clawing its way back over the psychological barrier it crashed under earlier this month.
Ethereum and other major cryptocurrencies BNBBNB
, XRPXRP
, solana, cardano and dogecoin have also crashed back, each losing between 5% and 10% over the last 24 hours as bad news for the crypto market piles up.
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The bitcoin price has suddenly crashed, dragging down the price of ethereum, BNB, XRP, solana, … [+] cardano and dogecoin.
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“Most short-term technicals point to an above-average chance of a final ‘washout’-style decline before this bottoms,” Mark Newton, technical strategist at Fundstrat, wrote in a note seen by Bloomberg and warning the bitcoin price could fall to as low as $12,500 and $13,000 in the short term.
The bitcoin and crypto price crash that’s wiped around $2 trillion from the combined crypto market since late last year has caused chaos for the crypto industry, with many fledging companies fighting for survival.
