The crypto market continues with the tremors. The bitcoin price is down another 7% in the last 24 hours and dipped below $28,500 to bounce back above $29K again. While the entire crypto market is going through a strong crisis, with weekly corrections of up to 50%, at the close of this publication the price of BTC is USD 29,153.
The market data is extremely alarming for BTC and the rest of the major altcoins. In the last 24 hours alone, some 430 thousand investors sold part of their crypto holdings and caused liquidations of more than 1.2 billion dollars.
Fear and despair take over all investment strategies. The Bitcoin Fear & Greed Index is at 12 points, reflecting a level of “extreme fear” in the market: speculators are getting rid of their digital capital every day, and long-term maximalists they try to stay calm.
In the midst of all this “chaos”, Michael Saylor -CEO of Michael Saylor and one of the top figures in the crypto ecosystem- published an optimistic tweet a few minutes ago, in which he again supported the leading cryptocurrency. “Bitcoin is the best hedge against inflation, “said the businessman.
Saylor recalled that, since his company announced its first BTC purchase on August 11, 2020, the price of BTC has appreciated by almost 150%. In the same timeframe, silver fell 17%, gold 9%, and the NASDAQ and S&P appreciated 5% and 18%, respectively.
The rest of the main cryptocurrencies in the market experienced massive drops in the last hours. Ether (ETH) has just plunged by more than 17% and is holding just above $1,900.
XRP, Cardano (ADA), Solana (SOL) and Dogecoin (DOGE) have plunged by more than 20% and are trading respectively at $0.37, $0.46, $44 and $0.07. Litecoin (LTC), for its part, lost 15% of its value and does so at USD 63.