Bitcoin struggles below $18,500 amid economic meltdown as crypto pessimism mounts

by   |  VIEW 346

Bitcoin struggles below $18,500 amid economic meltdown as crypto pessimism mounts

On Saturday, Bitcoin, the original crypto asset skidded below a $20,000 mark, tumbling to a nearly 18-month low, as investors grew anxious over the industry’s feasibility of a mainframe acceptance, while a flurry of core fundamentals like of higher inflation, rate-hikes alongside economic upheaval across the globe, fanned up the flames further.

Adding further holocaust, all major digital assets fell sharply this year after crypto lender Celsius had frozen withdrawals and an option to transfer funds between accounts. In tandem, crypto companies are reportedly trimming the number of employees,, while a media topline revealed that a crypto hedge fund might be in legal trouble, eventually leading to a mass-scale sell-off wave as the countries which had adopted crypto assets during early days of the pandemic as a mainframe currency such as El Salvador, ran into deep trouble.

Bitcoin falls to 18-months low

Aside from that, latest downward spiral in Bitcoin, which had shrugged off more than an eye-propping $900 billion this year, had largely coincided with a global scale slump in equities as US money markets had faced off its worst weekly decline in more than two years.

Citing statistics, on evening US trading, Bitcoin fell 7.79 per cent to $18,848. However, as of late-night US trading hour on Saturday, Bitcoin was last trading at $18.429.4. Bitcoin shrugged off as much as a jawdropping 59 per cent of its valuation year-to-date.

Apart from Bitcoin, the world’s most popular digital asset, its smaller rival Ethereum, which had lost a whacking 74 per cent, was trading at $965.5. Meanwhile, addressing to investors’ lack of confidence on crypto assets, a Senior Market Analyst, OANDA’s Edward Moya said, “Breaking $20,000 shows you that confidence has collapsed for the crypto industry and that you're seeing the latest stresses”.