Everything is going wrong for Bitcoin — Since the beginning of this year, 2022, the price of bitcoin (BTC) has been steadily declining. The issues of Celsius are disturbing the cryptosphere after the tremendous blow dealt to the crypto market by the Terra (LUNA) scandal and its UST. As a result, bitcoin values have dropped to levels not seen since late 2020.
BITCOIN DROPS AND ERASES ALL 2021 GAINS ON BLACK MONDAY
The unpleasant news about the halting of withdrawals on the Celsius Network lending platform has ended, weighing on investor morale in a highly volatile cryptocurrency market following the fall of the UST and the LUNA of the Terra project.
To cap off this Black Monday, the Binance crypto-exchange shocked us by announcing that it was banning bitcoin withdrawals at the worst possible time. Fortunately, this is just temporary due to BTC network congestion. Furthermore, this shutdown solely impacts the Bitcoin mainnet. Tokenized Bitcoin on Ethereum or the BNB Chain is unaffected.
As a result, the explosive combination to bring Bitcoin down was complete. At the time of writing, the price of BTC has gone far below $23,000. The price of the king of cryptos therefore hit 22,600 dollars on the Coinbase cryptocurrency trading platform soon before 5 p.m. on Monday, June 13, 2022.
This is the lowest point that Bitcoin has seen in about a year and a half, since such a drop can only be found in December 2020!
As of this writing, Bitcoin values are still hanging precariously between $22,700 and $23,000. As we mentioned in yesterday’s technical analysis of Bitcoin prices, a moving average of $22,000 may be achieved before looking for a technical bounce.
