Black Monday: BTC below $33k
The capitalization of the cryptocurrency market has lost more than two hundred billion dollars in less than a day. The reason is the fall in the price of the first cryptocurrency
Recall that bitcoin began to fall in price on Sunday, but the bulls managed to hold their positions. The situation worsened on Monday. Bitcoin fell below the 36,000 support line. Following it, the entire crypto market entered the red zone. Single altcoins are in the green zone.
Correction of the cryptocurrency has been expected since December. However, the bullish sentiment in the market did not allow Bitcoin to fluctuate down by more than 1-2 thousand dollars. But now it seems that analysts' predictions have finally materialized - bitcoin has begun testing lower support levels.
The fall began on January 10 at $42,000. On Bitstamp, the cryptocurrency fell to $35,000. On Monday, Bitcoin's low was $32,400, which means a drop of nearly $9,000. As of this writing, the asset is trading at $33 759.
One of the reasons that led to this development of events can probably be called the refusal to support cryptocurrencies by the British banking giant HSBC. We already wrote about this today.
The cryptocurrency sphere is very dependent on the information background. And such news will inevitably have a negative impact on bitcoin and altcoins. We will monitor how the situation will develop further.