Bitcoin dropped to $26,350 which is 60.21% low when compared to its ATH of $68,789 in Nov 2021.The drop in BTC has not only affected it but the whole market has to stumble, many other tokens had stocked up BTC for a precautionary measure which is taking a heavy toll on themselves now.
Also, the mining companies and exchange platforms have not been spared. The BTC sink has in return affected the income of the mining companies too. One important cause analysts associate with this downfall is the 50 points hike made by the Fed which amused many as it was the largest raise after two decades.
BTC has met a negative 29% price change in the last seven days. The current trading volume of BTC is estimated to be 87 billion, as per CMC. The coin entered the $20k limit by yesterday, the low recorded as $28,170. The market capitalization is around 533 billion but that too has encountered an 11.72% loss.
The coin has lost $13,000 in the last three sessions. Though, it can be assumed loss has affected many, official record about any whale or shark has not yet been released. In any such case, the plague may continue to spread affecting other market members and investors.
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