On Thursday at 2004 GMT, Bitcoin (BTC) lost 6.1% of its market value and reached the $18,866.77 price level. This recent loss in Bitcoin's market value has put it 60.9% down from its year's high level of $48,230. And for this particular drop, the loss in dollar terms was around $1226.
This drop below the $18,000 level also turned the entire crypto market red since BTC is considered to be one of the most widely used and highly capitalized currencies.
Overall, BTC lost 10% of its value in less than 24 hours and added to the overall sustained losses witnessed over the last few months. If we look at the historical price of BTC, this is the first time that it has been trading below the $20,000 level since November 2020.
70% Down From All Times High
To put things into perspective, this recent fall in BTC means that it has already lost 70% of its market value since its all times high of $68K in 2021. And if we look at the loss of market capitalization, a rough estimate suggests that Bitcoin (BTC) lost around $900 billion!
According to experts, this bearish trend in BTC has put the entire cryptocurrency under pressure. In fact, any continuation of this downtrend will force the investors to sell their crypto holdings.
If we look around at the ETH (Ether), it also lost 7.5% of its value and reached the price level of $1016 on Thursday. In dollar terms, ETH lost $82.38 from the earlier candle close.
What's Behind The BTC's Bearish Trend?
If we look at the technical charts, there will be numerous reasons behind this bearish trend. But the situation on the ground isn't good either - Celcius Network, which is a famous lender from the USA, announced that it is suspending withdrawals.
Another piece of bad news came from 'Three Arrows Capital', a famous crypto hedge fund that is heading down the insolvency route.
But the biggest problem of all can be traced back to the TerraUSD (Stablecoin), which collapsed in May and shook the trust of crypto investors.
Can Bitcoin's Price Reach $0?
Technically, any cryptocurrency can crash to $0, as we have already seen in the ease of Terra Luna. But if we talk about the big names such as the BTC and ETH, the chances of that are pretty slim.