More than 180,000 traders lost $520 million as Bitcoin traded below $25,000, this has not been seen since December 2020.Many have likened the decline in the market to what was seen in the 2008 market crash.

Bitcoin has fallen below a critical support zone,that is the $25,000 support zone and with it, liquidation, margin calls, selloff, tension and loss of funds have become the order of the day for traders, investors and Bitcoin holders. The entire cryptocurrency market capitalization has fallen approximately 8% as it currently stands below the $1 trillion as of the time of this writing, indicating that the market has lost its trillion-dollar status.

In the last seven days, a lot of altcoin including Bitcoin have seen massive decline of more than 20% as sell off deepens.A major focus has been the CEL token, the native token of Celsius, who has now lost over 50% of its value in just 24 hours as the platform announced it was halting withdrawals.

In summary, Bitcoin (BTC) fell under $25,000 amid weakness in the macroeconomic environment and systemic risk from within the crypto market, data shows. The asset has slid for nearly twelve straight weeks, falling from nearly $49,000 in March 2022 to under $25,000. It showed some signs of bottoming out in mid-May but worrying U.S. inflation data released last week did little to cushion falling sentiment.

Source: http://www.investicoo.com.ng/?m=1