The Bitcoin price has taken a hit and is expected to fall further below this year
The year 2022 have had been quite rough for the crypto market. Bitcoin plunged more than 52% since its all-time highs and is currently levitating at around US$21,000 per coin, as per reports.
Since the most popular cryptocurrency in the market has only shed more than 60% of its total value, since hitting its all-time lows, it can only be imagined where the crypto market,
as a whole will stand in the upcoming years. The entire crypto market is feeling the pain of being dragged down to the grounds, especially the investors.
When Terra imploded, several investors tweeted their regrets of not cashing out their profits when they had the chance, instead, they invested their savings in a volatile digital asset like Terra LUNA
A few weeks ago, investors felt relief when Bitcoin found stability at US$29,000, but this is not where the bad news was supposed to end! Bitcoin fell, again! Experts believe this is not the end.
Bitcoin will further decline due to various economic and financial issues and might dive down as low as US$10,000.
It is quite heartbreaking to realize that the BTC price might fall so low. We are talking about a cryptocurrency that drove the market to new highs in 2021,
and has been adopted extensively by several luxury brands and nations as the legal tender.
Earlier, crypto analysts and experts had expected that BTC might reach US$100,000, instead, it might go down as low as US$10,000, which is kind of ironic.
To make matters worse, the crypto market is uncannily following the global stock market.
Hence, almost all external financial, economic, and financial issues are affecting the price of cryptocurrencies. Bitcoin is just another victim of change market phenomena.