Bitcoin price has reduced in value below $60,000 with regards to a market-wide crash.
Other cryptocurrencies like Binance coin, Ethereum (ether) and solana (SOL) has also reduced in value between 5-10% on Tuesday morning.
Few days ago, Bitcoin hit a new all time high of close to $69,000.
Last week the overall crypto market teased $3 trillion and fell by more than $200 billion overnight to around $2.6 trillion.
Thou the reason for the price crash is not known yet but there was a crackdown on BTC mining in china, the rejection by the US securities and Exchange commission (SEC) of a spot Bitcoin exchange traded fund (ETF), and long -term investors skimming off profits from their holdings.
Bitcoin price is volatile and analysts say it’s to early to tell whether the latest dip marks the start of a reversal of the 2020/21 bull market, or whether it is just a correction on the way to new all- time highs.
“An interesting area of support is around $59,500- if this holds then we may well see Bitcoin reclaim its recent losses, and look at printing a new all- time high, over the coming weeks”.