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Serious $10,000 Warning As Massive Meltdown Sends Bitcoin Crashing Under $20,000—Tanking

Serious $10,000 Warning As Massive Meltdown Sends Bitcoin Crashing Under $20,000—Tanking
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Bitcoin
BTC
has crashed under $20,000 per bitcoin after a huge crypto market meltdown wiped away around $400 billion of value in just a week—with some traders’ worst fears materializing.

Subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and successfully navigate the volatile bitcoin and crypto market

The bitcoin price—dropping under the psychological $20,000 barrier that it first topped in late 2017 before entering a three-year bear market—has lost around $10,000 from its price since earlier this month as fears over Federal Reserve monetary tightening and the rising risk of a recession drag on asset prices across the board. Ethereum and other major cryptocurrencies BNB
BNB
, XRP
XRP
, solana and cardano have all crashed along with the bitcoin price.

Ahead of the latest crypto crash, billionaire investor Jeff Gundlach warned he wouldn’t be surprised to see the bitcoin price fall further to hit $10,000—calling the trend in crypto “clearly not positive.”

Want to stay ahead of the market and understand the latest crypto news? Sign up now for the free CryptoCodex—A daily newsletter for traders, investors and the crypto-curious


MORE FROM FORBESElon Musk Suddenly Hit With Huge $258 Billion Crypto Pyramid Scheme Lawsuit Over Dogecoin Amid A Devastating Bitcoin And Ethereum Price CrashBy Billy Bambrough

The bitcoin price has been on a downward trend all this year, dragging down the wider crypto market … [+] including ethereum, BNB, XRP, solana and cardano.

2018 Chesnot

“When it broke below $30,000, it looked on a chart basis $20,000 was going to happen quickly, and it did. The trend in crypto is clearly not positive,” Gundlach, the chief executive of DoubleLine Capital, CNBC this week.

“It looks like it’s being liquidated. I’m not bullish at that $20,000 or $21,000 on bitcoin. I wouldn’t be surprised at all if it went to $10,000.”

Meanwhile, the ethereum price has dipped under the closely-watched $1,000 per ether level, down 10% over the last 24 hours, while BNB, XRP, solana and cardano have all lost a similar amount.

Earlier this week, Arthur Hayes, the influential co-founder of the bitcoin and crypto exchange BitMEX, warned of “massive selling pressure” if the bitcoin price breaks below $20,000—telling traders they “might as well shut down [their] computer.”

Sign up now for CryptoCodex—A free, daily newsletter for the crypto-curious

MORE FROM FORBESCrypto Price Prediction: Here’s When Bitcoin Could See A ‘Significant’ Bounce-And Why Ethereum Could Be ‘In Trouble’By Billy Bambrough

The bitcoin price has dropped below $20,000 per bitcoin for the first time since late 2020 and … [+] breaking a closely-watched psychological barrier as ethereum, BNB, XRP, solana and cardano crash.

Coinbase

The brutal bitcoin and crypto crash was partly sparked by the collapse of top ten cryptocurrencies luna and its dollar-pegged so-called algorithmic stablecoin last month.

Problems were then exacerbated by major crypto lender Celsius halting withdrawal just this week. Elsewhere, well-known crypto hedge fund Three Arrows Capital is thought to be on the verge of collapse after its chief executive Su Zhu attempted to reassure the market, posting to Twitter the fund is “fully committed to working this out.”

“We’ve already seen around the edges some blowups in parts of the crypto world, and that could be foreshadowing some problems,” Gundlach said.



Read More:Serious $10,000 Warning As Massive Meltdown Sends Bitcoin Crashing Under $20,000—Tanking

Tags: 20000TankingBitcoinbitcoin priceBNBCardanocrashingcrypto crashEthereumethereum priceMassiveMeltdownSendsSolanaWarningXRP
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