- Bitcoin has been facing a severe downtrend for the past few months.
- The prices of Bitcoin in the first quarter of 2021 were recorded at nearly $69,000.
Bitcoin is the most traded and used cryptocurrency globally, but from 2021 to 2022, the currency faces a downtrend in the market and has traded at its lowest price.
In April 2022, the price of Bitcoin rapidly increased and reached above $50,000; from then, the prices are continuously decreasing, and BTC prices haven’t increased above $21,000.
Many Market analysts believe about the rise in Bitcoin prices in the next 12 months. But as per reports, many crypto trading firms have met bankruptcy and halted their service until prices increase.
The last price of BTC recorded while framing this article was $19,790; in the last two weeks, the price is bouncing between $19,000 to $21,000.
Bitcoin is facing a severe downtrend and has lost more than 60% of its original prices. The highest price of Bitcoin in the first quarter of 2021 was recorded at nearly $69,000.
BitMex Ex. Chief Executive Officer(CEO) Arthur Hayes mentioned about “Doom Loop.” in macroeconomic Arena in his tweet from his official account.
The severe drop in prices occurred due to the conflict between Russia and Ukraine and the rising inflation that has forced central banks around the globe to take action by reducing their balances or raising interest rates.
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Conclusion
Bitcoin has been facing a bad time in the market for the last several months and is continuing its trend and is bouncing on average price from $19,000 to $21,000. But the market researchers and analysts believe the price will hike in the upcoming 12 months. the crypto winter forced many firms and its owners to halt their services till further growth in the bitcoin price, and many others are in huge debts and have met bankruptcy.
Source: https://www.thecoinrepublic.com/2022/07/12/bitmex-ex-chief-executive-officer-suggests-to-be-prepared-for-a-massive-bitcoin-rally/