Crypto bloodbath: Bitcoin hits $25k before rebounding

After several weeks from lethargy on the crypto market, prices have risen sharply dropped. Over 24 hours, Bitcoin and Ethereum lose respectively 8 and 7%.

Crypto-currency prices have taken a turn for the worse red Thursday evening as the nervousness wins the traditional financial markets in the midst of rate hikes by the major central banks, an unstable geopolitical environment and concerns about the Chinese economy.

The decline which began earlier this week, accelerated last night in the wake of the bankruptcy filing of developer China Evergrande in the United States, raising fears that the Chinese real estate crisis could spread to the global economy.

Over 24 hours, Bitcoin loses 8% to around 26,300 dollars. The price of the queen of crypto-currencies fell below $25,500 on several exchanges overnight. Its lowest level since last June. Earlier this summer, theETF on BTC from the giant BlackRock had propelled the asset’s price above $30,000.

The dolphin Ethereum falls 7% to 1670 dollars. The rest of the market performed similarly. Notable corners include big losers over 24 hours are XRP (-17%) and Litecoin (-14%). The price of Ripple had risen sharply following the court’s decision in the fintech’s case against the SEC.

Bitcoin’s 1-month volatility recently reached its lowest level for several years, pointing to a short-term surge.

When you add in what’s happening in the bond market, it becomes easy for Bitcoin’s price to fall,” said Edward Moya, senior market analyst at Oanda.

According to Coinglassmore 1 billion dollars positions (short and long) have been liquidated in the last 24 hours.

The global market cap is now just over 1000 billion dollars. The Fear & Greed Index, which analyzes the sentiment of crypto-traders, states ” fear “with a score of 37, compared with 50 (neutral) for several weeks.

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