Bitcoin hitted $38,258 and this is supposed to be the biggest indication of the future critical situation of this industry.
Since the last week of December 2021, the Crypto market is in a very critical situation. On one side Kazakhstan Bitcoin miners failed to support the Bitcoin network because of Internet outages and on the other side, much negative news like hike plans in the interest rates by Federal Reserve for 2022 acted as the biggest catalyst to hammer the bull momentum of the crypto industry.
At around 4 pm UTC on 21 January, Bitcoin touched the bottom with $38,258/Bitcoin. At the time of writing this article, the price of Bitcoin is now trying to climb up with a trade price of $38,600 per Bitcoin.
In this crash, the crypto industry saw a $50 billion cashout from the market. Now the total market is low over the first week of November 2021.
At the time of writing this article, almost the whole crypto industry doesn’t know the actual reason behind this crash because no negative news came in this market. However, after the crash, few experts noted that tech stocks on Nasdaq entering into “correction territory and some increment in the interest rate are nearer to come.
Rekt Capital Twitter account shared his thought on this situation and noted that the Bitcoin market is under an identical situation like September 2021 end.
In September end price of Bitcoin was $52,000 and after the price of Bitcoin faced a correction and touched $41,000. And after that, it hit $69,000.
This sudden correction in this market resulted in a huge correction for flagship crypto assets also by a very big correction. But besides all these things Cardano was on the eye radar of many investors because SundaeSwap’s main net launch was scheduled for this day and it seems that ADA will not get any more support, as per the situation of this market.