With the increasing selling pressure, Bitcoin saw $ 17,622 on Binance. Bitcoin has lost 33% in the last 7 days and 4% in the last 24 hours. Bitcoin last made ATH in November last year and saw $ 69,000. Sales continue in Bitcoin, which has lost 73% of its value since then.
Things are no different in Ethereum. Ethereum, the second largest cryptocurrency, fell as low as $881. Ethereum has lost 34% in the last 7 days and 5% in the last 24 hours. Similarly, Ethereum last made ATH in November last year and saw $4878. Sales continue in Ethereum, which has lost 80% of its value since then. Postponing the expected Ethereum transition has also had a negative impact on the price.
The current crypto crash is a little different from what happened in 2018. The difference is: The current crash is one that moves with stocks and the global economy. Inflation is rampant all over the world, central banks are constantly increasing interest rates, and the economy is said to be in recession. Therefore, it may not be correct to compare what is happening today with the 2018 crash.
So if Bitcoin and the crypto market are moving with the global economy and technology stocks, when will there be a recovery and an uptrend? Markets will likely return to normal once the macroeconomic outlook turns positive, inflation is reined in, and central banks and the Fed stop raising interest rates.
The question to be asked here is: when inflation is reined in, the recession in the economy is eliminated, and stocks are on the rise, will Bitcoin and the crypto market rise with them? There is no answer to this question for now. Because there is no indication that investors will immediately turn to risky assets like Bitcoin as soon as the outlook turns positive in the economy. Therefore, it may take longer for Bitcoin to recover than others.