On June 19, BTC -2.13%-news/">Bitcoin finally failed to hold the $18,000 mark and fell directly to $17,601. This is the lowest price since December 2020. Even so, many people still say that there will be further declines in the future, and all views on Bitcoin believe that the “darkest moment” has come.
With the exception of Bitcoin, the entire cryptocurrency market is mourning.
ETH -2.57%-news/">Ethereum also fell below $1,000 on Saturday, falling nearly 11 percent to $975.24, its lowest level since January 2021. The two cryptocurrency market leaders are now down around 70 percent from their all-time highs set in early November.
According to coinglass data, the sharp decline in the value of the currency has undoubtedly triggered a new round of network-wide position storms. As of 8:00 on June 19, in the past 24 hours, a total of 150,000 people in the digital currency field have been bombed, with a total position of 567 million US dollars.
At the same time, a visual comparison shows that the cryptocurrency market has experienced a heavy decline over the past seven months and has lost an apple’s market value — the entire cryptocurrency market currently has a total market cap of only about $834 billion, while After peaking at $3 trillion in November last year, the cryptocurrency market has evaporated more than $2.1 trillion in just seven months, close to the current $2.13 trillion for U.S. tech stocks.
Bitcoin price for a straight dive
After continuing to oscillate above, Bitcoin and Ethereum topped $20,000 and $1,000 for the first time in mid-December 2020 and January 2021, respectively.
Starting in 2022, the price of Bitcoin is still above $47,000, with a low of around $31,000 in the first quarter. Bitcoin has fallen since April and bid farewell to the $40,000 mark in May, all the way below $30,000. Ethereum also experienced volatility and fell below the $3,000 and $2,000 mark in May. Since June 10, the price of Ethereum has also plummeted.
Last Monday (June 13), the virtual currency market was in a bloodbath, with Bitcoin and Ethereum both falling by more than 15% in a single day. Compared to their all-time highs set in November 2021, the $1,000 level for Bitcoin and Ethereum, down more than 72% and 79%, respectively, is higher than the $68,700 and $4,890 levels set in November 2021.
The price of Bitcoin rebounded to above $19,000 at 17:00 on June 18, and the price of Ethereum was about $1,000.
Tesla loses a lot of cryptocurrency
Recently, due to the impact of the market environment, the prices of virtual currencies led by Bitcoin continued to fall, which also hurt Tesla, which was optimistic about Bitcoin.
Tesla currently owns 43,200 tokens, ranking second among the companies holding the most bitcoin, according to data that tracks bitcoin treasuries of companies that own bitcoin businesses around the world. Leading the way is Shimmer.
At the current price of $19,000+, Tesla’s token amount is less than $900 million. Tesla lost nearly $600 million investing in the digital currency, compared to spending $1.5 billion on bitcoin in early 2021.
Tesla stated earlier that the purpose of the project’s investment in Bitcoin is to diversify liquidity and make asset allocation more flexible, and its CEO Musk has also invested in virtual currencies such as Bitcoin and Dogecoinseveral times. Site promotion. In the first few months of Tesla’s purchase of Bitcoin, because the price of Bitcoin kept rising, Tesla did not lose money, but made a lot of money, especially when Bitcoin hit $69,044.77 on November 10 last year. At a historical point in time, Tesla has made a lot of money. Previously, Tesla indicated in a filing with the U.S. Securities and Exchange Commission that it would hold $1.99 billion worth of bitcoin by the end of 2021.
The coin continued to fluctuate wildly during the company’s Bitcoin holdings, reaching $66,000 in May 2021, falling $28,000 in July 2021, and reaching $68,000 in November 2021.
Elon Musk said after buying bitcoin last year that Tesla will let customers buy cars with cryptocurrencies. But by the middle of the year, he withdrew his statement because he was concerned about the negative impact of bitcoin mining on the environment, leading to climate change. He then revealed that if miners use clean energy to mine, Tesla may still accept it.
More people call the performance of virtual currency the Lehman moment of the currency circle. With Bitcoin taking a wild plunge, it could be called a free-fall price trend that scares many people.