A 3.3 percent dip in the value of the king of cryptocurrencies in only 24 hours is causing panic among investors. Since US President Joe Biden issued an executive order on crypto laws in March of this year, Bitcoin’s price has fallen to roughly $38,210, its lowest level since then.
Although the BTC price reached $40,800 on Tuesday, it briefly dipped below that level before rebounding. As a result of Amazon’s announcement that it would not be taking Bitcoin payments, the price of the cryptocurrency plunged. Ether was also lowered much more.
When Amazon posted a job ad for a crypto-related position, the Bitcoin price surged. After a few hours, an Amazon official denied that Bitcoin will be accepted as a payment option this year, despite the first assertion.
As investors hurried to place their wagers on the rumour of a negative surge, Bitcoin hit a high of roughly $40,545 USD. Crypto shorts liquidated totalled over $950 million, the biggest amount since May of this year.
The multi-wave rectification
Multiple waves have been corrected to describe the current state of cryptocurrency volatility. When it peaked in April, it’s predicted to rise to $45,000 before falling again.
BTC’s rollercoaster ride is a part of the adjustment process. After a record high of $65,000, the crypto sector witnessed a tremendous collapse due to environmental and regulatory challenges.
It’s hardly surprising that BTC and other cryptocurrencies will be moving at breakneck speeds this week. As a result, investors are keeping an eye out for the next big wave, which they believe has the potential to lift BTC over its recent sob trading range of $30,000 to $40,000.