Cointelegraph
Published Jun 19, 2022 05:19PM ET
Updated Jun 19, 2022 07:00PM ET
Bitcoin (BTC) plummeted to $17,622 on June 18. This marked the first time in Bitcoin’s history that it has fallen below its previous cycle high. The United States Federal Reserve’s aggressive monetary tightening, a crisis at crypto lending platform Celsius and liquidity issues at investment fund Three Arrows Capital are creating a sense of panic among traders.
Markets commentator Holger Zschaepitz said that Bitcoin has crashed more than 80% four times in history. That puts the current fall of about 74% within historical standards. Previous bear markets have bottomed out just below the 200-week moving average, according to market analyst Rekt Capital. If history repeats itself, Bitcoin is unlikely to stay at the current depressed levels for a long time.
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Written By: Cointelegraph
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