The crypto markets have experienced extreme volatility in the last 24 hours.
Recently, Bitcoin witnessed further sell-offs in the market, making it crash to its lowest in 2022, with other altcoins also witnessing steep declines. As a result, the total market capitalization of the crypto markets fell below $800 billion. Investors rushed to liquidate their holdings as most analysts predicted $14000 to be the new support for BTC.
A host of factors has triggered the present situation. After the United States released not-very-encouraging data for inflation, the crypto markets witnessed small downtrends. This was amplified by liquidity issues in the crypto industry after the bankruptcy of a prominent exchange, which caused a spillover effect. The industry had been calling for better regulations for years, the absence of which has caused panic in the markets. Experts called for exchanges to adopt more transparent measures and abstain from using investors’ funds for other purposes.
BTC/USD price chart in 2022
Bitcoin is currently trading at around $15,700 on November 22, 2022, with BTC/USD down by 0.03% in the last 24 hours. BTC/USD is trading below its 20-day EMA (18,425.28), with other cryptos also witnessing bearish trends in the last 24 hours. A few traders and investors remained bullish on crypto and hoped that new regulations in the future would prevent such incidents.