The cryptocurrency market took a big hit earlier today after the price drop of all digital currencies. Except for USDC and USDT, prices of all crypto assets in the top 10 cryptocurrencies, including Bitcoin, fell.
The crypto market has fallen hard in recent days
As we have covered in the news of Kriptokoin.com, this week’s upcoming events can greatly affect the prices of Bitcoin and other cryptocurrencies, and such investors remain safe. It caused huge sales because they worked.
Apart from individual investors, investment firms are also being cautious as they expect large price fluctuations in cryptocurrencies and other financial instruments such as stocks. Eric Anderson, Head of Strategic at Standard Chartered, expressed concern over the expected volatility over the summer after firms released their first-quarter earnings and the Fed’s inflation measures.
Analysts warn that a “catastrophic in the financial markets” could push Bitcoin below $30,000. There has been a lot of happening in the crypto space this year, with bulls and bears fighting over who will take control of the market.
Will Bitcoin drop below $30,000?
According to Forbes, the big drop in the cryptocurrency market comes as investors prepare to release earnings reports from several investment firms. Investors, on the other hand, are eager to seek advice from the Federal Reserve on its move to curb rising inflation.
With investors wanting to know the consequences of multiple events, several crypto analysts have shared their concerns. Standard Chartered’s Chief Strategic Officer Eric Andersen says his firm is concerned about “a summer’s turbulence and volatility.”
FxPro senior market analyst Alex Kuptsikevich says that although many traders believe the financial crisis could worsen to the point where the market cap and the leading cryptocurrency drop below $30,000, this can only happen when there is a major financial crisis. ) If the bulls capitulate, the leading cryptocurrency could be pushed into the $32,000 to $35,000 range without much resistance. A consolidation scenario below $30,000 would require absolute disaster in the financial markets.
Meanwhile, Galaxy Digital founder Mike Novogratz is confident that BTC will trade over $30,000 by the end of the year as he made a $1 million bet with Bitcoin critic Peter Schiff.
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