- Bitcoin price has fallen further to $33,417.47.
- The entire crypto market seems to be bleeding red as investors are transferring and liquidating their coins.
- Most analysts seem to predict further losses,while some remain optimistic.
To the dismay of many, the cryptocurrency market is starting to bleed red. Along with all other major cryptocurrencies, Bitcoin has plummeted headfirst. It is down by a staggering 3.34% and is trading at $33,417.47 currently. This means that in one year, the coin’s price has fallen by 43.0%.
According to data from Bitcoin Fear and Greed Index, the coin is currently in “extreme fear” mode. The comments under the Twitter (NYSE:TWTR) post reveal that investors are surprised and upset by this sudden drop in confidence. “Lowest I have seen in years,” says one user, while another says, “We are falling.”
Bitcoin Fear and Greed Index is 11 — Extreme FearCurrent price: $34,041 pic.twitter.com/PQK3x6YMok— Bitcoin Fear and Greed Index (@BitcoinFear) May 9, 2022
Another pessimistic sign is that in the past few hours, BTC is being transferred and liquidated in bulk. Whale Alert posted on Twitter about 1500 BTC being transferred from an unknown wallet to Coinbase (NASDAQ:COIN). And in another incident, 12,852 BTC was transferred from an unknown wallet to an unknown wallet.
12,851 #BTC (432,121,882 USD) transferred from unknown wallet to unknown wallethttps://t.co/tzNkInozYG— Whale Alert (@whale_alert) May 9, 2022
Moreover, a whopping $320 million has been liquidated from the cryptocurrency market in the past 24 hours, according to WatcherGuru. This is reflective of the falling level of confidence in investors.
Investors on Twitter don’t seem pleased with these developments but are still hopeful. “It’s a bad dream,” says one user, while others say, “Adoption is at an all-time high and growing daily” and “Bitcoin will hit $10,000 this year.”
Renowned trader Peter Brandt, who has often predicted some of Bitcoin’s biggest moves, claims that Bitcoin and crypto in general are on the edge of a dot-com-like crash.
However, several other analysts, such as William Clemente, say the dip is temporary and that the crypto market will eventually turn back to green. Users will have to wait and watch.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.