According to data from the Binance exchange, the price of Bitcoin is currently trading around $29,713 (as of 12 noon on July 20, 2021), down about 6.5% over the past 24 hours, and about 9.62% within the past 1 week. The total market capitalization of the entire crypto market is now nearing $1.2 trillion. The drop of Bitcoin also led to the plunge of many other cryptocurrencies, such as ETH (down 7.79%), BNB (down 11.73%), ADA (down 9.97%).
Bitcoin price fell sharply this morning, 7/20
Since mid-May 2021, the value of Bitcoin has continuously fluctuated between $30,000 and $40,000. However, on June 22, the cryptocurrency fell below the $30,000 mark, after the People’s Bank of China ordered the country’s major financial institutions to stop facilitating transactions. electronic money.
However, with this latest price drop, many crypto experts believe that Bitcoin will continue to plunge further in the near-term.
“I am expecting a sharp drop towards $22,000,” Patrick Heusser, head of trading at Crypto Finance AG, told CoinDesk.
According to market analyst Edward Moya, Wall Street is seeing “too much frost” (when the US stock market is plunging), as well as the increase in the number of COVID-19 cases that has caused many Investors panicked, selling off every top-performing asset, including Bitcoin.
The expert also suggested that Bitcoin could be vulnerable to an extreme drop towards the $20,000 mark. However, if it reaches this milestone, Bitcoin may attract financial institutions, which are still waiting patiently on the sidelines to be able to buy good prices, expert Moya said.
Refer to Coin Desk