By Murtuza Merchant
Cryptocurrency markets continued to witness a major sell-off over the weekend, with the largest digital currency Bitcoin (BTC) breaking $18000 and Ethereum (ETH) plummeting below $900.
After briefly making a low of $17,708, BTC rebounded to trade around $18,100 levels, down 12% in the last 24 hours.
With the slump, BTC has breached the all-time high of the previous crypto cycle. During the previous bull cycle of 2017, BTC had made a high of $19,783.
The blood bath in BTC’s prices has also led to a broader market correction, with ETH tumbling around 13% to make a low of $896.
ETH is currently trading at $953.
Other major cryptocurrencies saw a similar fall, with Solana’s SOL trading down by about 9% at $29.2, Cardano’s ADA declining about 9% to trade at 44 cents, and Ripple’s XRP falling by about 6% to trade at 30 cents in the last 24 hours.
Meanwhile, the President of El Salvador Nayib Bukele said people should stop looking at BTC’s graph and enjoy life.
“I see that some people are worried or anxious about the #Bitcoin market price. My advice: stop looking at the graph and enjoy life. If you invested in #BTC your investment is safe and its value will immensely grow after the bear market. Patience is the key,” Bukele tweeted.
Notably, the value of El Salvador’s investments in BTC has more than halved. The Central American country first purchased BTC in August 2020 and has accumulated over 2300 BTCs in its treasury, with the most recent purchase being in May 2022.
Economist and popular crypto critic Peter Schiff said the crypto industry is dead, which is very healthy for the economy.
“A lot of people in the crypto industry are saying that this crash is a healthy shake-out. I agree that it’s healthy, but not for crypto. That industry as we know it is dead, which is very healthy for the economy. Crypto likely has a future, but Bitcoin will not be a part of it,” he said.
About the author
Murtuza Merchant is a senior journalist and an avid follower of blockchain and cryptocurrencies.