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Bitcoin Touched $18k for the First Time Since 2020, Road to $100k

Cryptocurrency Jun 18, 2022 07:00AM ET
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© Reuters. Bitcoin Touched $18k for the First Time Since 2020, Road to $100k

    • BTC has fallen for 12 days straight this month.
    • ETH broke the $1,000 price point alongside BTC. It touched $977, with an 11% loss in 24 hours.
    • CEOs of large blockchain corporations believe BTC will hit $100k this year.

As the crypto market continues down the drain, Bitcoin (BTC), the cryptocurrency with the most significant market value, broke below the $20k price point for the first time since December 2020.

BTC has fallen for 12 straight days this month of June. It fell by 12% to $18,700 early today after struggling to reach $21,337 in the last 24 hours.

Ethereum (ETH), the second contender, broke below the $1,000 price point alongside BTC. So far, ETH has touched $977, with an 11% loss in 24 hours. This new price point represents its lowest since January 2021.

Mike McGlone, an analyst for Bloomberg Intelligence, argued that BTC may “build a base around $20,000 as it did at $5,000 in 2018-19 and $300 in 2014-15.”

Despite the carnage in the market, CEOs of large blockchain corporations like Samom Mow and Adam Back still believe BTC will hit $100k.

The crypto market entered a reverse mode late last year, and the momentum has not slowed down since then. The current market stands at a fraction of its heights in late 2021 when BTC traded near $69,000. The global market cap of cryptocurrencies is slightly above $820 billion, down from $3 trillion in November 2021.

The most devastating incident yet is the last month’s implosion of the Terra blockchain and the recent decision by crypto lender Celsius Network Ltd. to halt withdrawals. Terraform Lab’s stablecoin, UST, lost its $1 peg, resulting in the over 10,000% collapse of Terra LUNA, leaving investors with over $60 billion in losses.

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Bitcoin Touched $18k for the First Time Since 2020, Road to $100k
 

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Comments (7)
Michael Tolbert
Michael Tolbert Jun 19, 2022 10:15PM ET
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bitcoin will fall in this bear market down to 10k yes it will show short rally but the big fall will come .then buy it for the big bounce.. .recession fears and all we can't escape the huge bear market we are in . long term on this disaster for now
Tom Sc
Tom Sc Jun 19, 2022 7:27AM ET
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"It is difficult to get a man to understand something when his salary depends upon his not understanding it." 
Jeff Chevalier
Jeff Chevalier Jun 18, 2022 10:32AM ET
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I'm selling my dirty socks for $10k each. I think they will be worth at least $50k each in 2023. I won't actually send you the sock though, I'll hold them in an account for you. Please do not try to get your money back. I've sold 400 socks, but actually only have 7.
William Bailey
William Bailey Jun 18, 2022 8:56AM ET
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100k and free jupiter rocks!!!
sajjad shahmansouri
sajjad shahmansouri Jun 18, 2022 8:19AM ET
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Go F your self layer's
sa ran
sa ran Jun 18, 2022 8:00AM ET
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"Mike McGlone, an analyst for Bloomberg Intelligence, argued that BTC may “build a base around $20,000"...that didn't age very long.
jason xx
jason xx Jun 18, 2022 8:00AM ET
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You didn't learn reading compression in school
jason xx
jason xx Jun 18, 2022 8:00AM ET
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See the word "around" and the headline of the article?
sa ran
sa ran Jun 18, 2022 8:00AM ET
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jason xx  I watched the whole discussion live yesterday and got his full tone and the expectation he presented. He is with Bloomberg so he knows how he has to mince his words.
sa ran
sa ran Jun 18, 2022 8:00AM ET
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jason xx  "You didn't learn reading compression in school" No, and I'm having difficulty understanding that.
sa ran
sa ran Jun 18, 2022 7:55AM ET
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"CEOs of large blockchain corporations like Samom Mow and Adam Back still believe BTC will hit $100k." That is called talking their book.
 
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