Bitcoin has been the center of the debate when it comes to the bearish market overenjoying its stay and corrections continuing to batter the flagship cryptocurrency and, therefore, the crypto market.
Bitcoin has been taking quite the beating from the bearish movement and negative price movements; the flagship cryptocurrency was doing great, having its total value well above $25K only a week or so ago, but then all went to dust, and Bitcoin is now struggling to keep its head above the water as it grapples with remaining compliant with the $20K price limit which also happens to be its resistance level.
Bitcoin has dropped by a factor of 1.19% in a single day, whereas it experienced a subtle fall of about 12.47% over the last week or so. In no shape or form, this is a great thing for the flagship cryptocurrency, but it is also not so elementary for the crypto market in general.
Ethereum Price also Plunges
It is not Bitcoin alone that is suffering as Ether is showcasing the same pattern of immense price drops, investors going bearish on the crypto, and their sentiment suddenly shifting towards an all-time low. Plus, the greed and fear index is also showcasing strong fear and panic among crypto enthusiasts from all walks of the financial realm.
Because of this negative interaction that Bitcoin, Ether, and many other major altcoins are having, the crypto market is in a serious jumble; the overall market capitalization of the crypto market has taken a beating as the whole thing has come under the $1 trillion level only in a matter of weeks.
This is not a piece of good news by any standard measure, and unlike other financial markets that are backed up by state-oriented securities and centralized firms and their insurance-oriented tactics, the crypto market is not backed by anything. It is a completely decentralized system, and if it fails, falls, or crumbles, then there isn’t going to be any bailout plan in action to revive the market; it would be IT for the crypto market and for the future of blockchain technology as well.