The leading cryptocurrency Bitcoin (BTC) entered the recovery phase after the massive depreciation in May and started to test above the $31,000 level again. This panic intensified when Bitcoin, which caused a great panic as it regressed to the 25 thousand dollar band in this process, fell below the 23 thousand dollar band with the decreases on 13 June.

While fear and anxiety continue to dominate the markets, there are comments from experts on the behind the scenes of this decline in Bitcoin. In this context, an evaluation came from BBC Technology Editor Zoe Kleinman.

BBC Technology Editor Zoe Kleinman discussed the loss of value in Bitcoin in the past 24 hours in her article. Describing the loss of value in Bitcoin in this process as "extraordinary", Kleinman also stated that similar losses are seen in all cryptos in general. Expressing that the last 5-day depreciation has approached 25%, the famous name also stated that Bitcoin has reached the lowest level of the last 18 months with the price of around 22 thousand dollars. Stating that the $ 69 thousand ATH level seen in November is “as if it was seen centuries ago”, Kleinman said that the graphs only go down in one direction.


Stating that experts explain this situation with “global developments” and that cryptos are not the only thing losing value, Kleinman reminded that stock markets are also in decline and that the S&P 500 index has lost 20% in value since the last peak in the USA. Stating that at such times, investors find it very risky to invest in the crypto money market, which is not dominated by a regulatory institution, Kleinman evaluated the behind-the-scenes of the declines as follows:

Binance has suspended Bitcoin exchanges for a few hours. Although this situation was explained by a “technical malfunction”, no one believed it. Crypto lending platform Celcius has made a similar move with Binance, justifying it with “extraordinary market conditions.” Those who were worried about these developments quickly started selling Bitcoin.