Fears of a new Bitcoin bottom is around in the market in wake of recent crash involving the Terra ecosystem. Even as the BTC price fluctuates around the $29,000 range, the top cryptocurrency continues to dominate in terms of market share.
Sharp Fall In Bitcoin Price
BTC’s price fell sharply this year, consolidating most of the gains made in 2021. Concerns over rising inflation and interest rates have predominantly resulted in the losses.
The same factors are still in play, severely dampening the market sentiment around all the cryptocurrencies, not just Bitcoin. Besides, the altcoins suffered more losses than Bitcoin.
More recently, the meltdown involving the Terra crash led to more losses for crypto investors. The debate around the reliability of stablecoins attracted the need for more and faster regulations in the industry.
When Will BTC Bottom Out?
A cryptocurrency analyst Capo of Crypto cautioned his Twitter followers to be vary of bull traps. He said a new low was incoming.
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