In what was one of the blackest days of the year for the cryptocurrency, the digital currency market has lost more than $ 30 billion, with Bitcoin able to drop to a three-month low of $ 8.000.
Many had predicted a huge drop in long-term support of Bitcoin, but verifying such a rapid and drastic decline has certainly generated a shock among market operators. And so, hour after hour, stakeholders saw BTC's momentum downward accelerate as soon as the cryptocurrency broke support at $ 9.500. An acceleration with few setbacks, which brought Bitcoin back to $ 8.000.
From that minimum point Bitcoin sought the rebound, failing in the attempt. It managed to stabilize for a few hours at $ 8.600, but as we write to the cryptocurrency it has fallen again, plummeting below $ 8.500. But what will happen now?
Under the worst-case scenarios, the highest risk is that of a steep descent to $ 4.000, or less. However, this is an obviously extreme scenario, with most bears pointing Bitcoin instead towards $ 7.000.
Evidently, with Bitcoin in a decreasing phase, the rest of the market could only suffer from this evolution. Ethereum lost the 15%, while XRP touched the annual minimum. Thanks to a fluctuating but not too negative performance, Tether he managed to regain fifth place, the only cryptocurrency in the top ten that has not given too much ground.
