After the stock market, Bitcoin and Altcoins also crash

Bitcoin is in a correction phase. (Photo: Shutterstock / Julia Tsokur)

After the stock markets fell sharply on Monday, cryptocurrencies followed suit. Bitcoin fell below the $ 30,000 mark.

Concerns about the further spread of the delta variant of the coronavirus and the associated economic recovery that was slower than hoped led to a sell-off on the important stock markets on Monday. The German leading index Dax lost almost three percent and fell towards the 15,000 point mark. The Dow Jones also went downhill by more than two percent. In the course of this development, the crypto market also collapsed – within a few hours, the price decline burned 100 billion dollars. The market capitalization in the crypto market is currently 1.2 trillion dollars.

Bitcoin price drops 6 percent to $ 30,000

The price of the most important cryptocurrency Bitcoin fell by over six percent, falling below the psychologically important mark of $ 30,000 for the first time since June 22. The minus fell even more sharply, in some cases in the double-digit range other cryptocurrencies in the top 10, such as Ethereum / ETH, Binance Coin / BNB or Ripple / XRP. The Bitcoin price alone has plummeted by more than half since mid-April, when it reached its all-time high of almost $ 65,000.

In the past few weeks, the rigid approach in particular China against Bitcoin trading and mining and other cryptocurrencies, the so-called China crackdown, depressed prices and sentiment. Many investors who got on board at the height of the crypto euphoria in spring have withdrawn from the market in disappointment. The trading volume on the major crypto exchanges had recently slumped. In addition, there are efforts in many countries To regulate cryptocurrencies more closely and own digital currencies to get started.

Crypto Courses: Sustained Correction versus Bullrun

Market observers expect that the Bitcoin price could drop even further in the coming weeks. A further corrective movement in a range between 20,000 and 25,000 dollars is quite conceivable, as is Vijay Ayyar from the crypto exchange Luno opposite CNBC says. Accordingly, the Bitcoin is likely to oscillate back and forth between $ 20,000 and $ 40,000 in the medium term before the next bullrun is pending. If the all-time high is then broken, are according to chart analysts Six-digit rates are quite conceivable.

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