Investors Re-evaluate their Holdings as Bitcoin Drops Below $20,000

Weekly Update

As the US GDP dropped by 1.6% in the first quarter of the year, according to a Moody’s estimate, the market for cryptocurrencies slipped below the $900 million threshold for the second time this year on Thursday, June 30. The effects of inflationary pressure on the cryptocurrency market caused investors to dump their coins as they further entered the acute panic zone. The valuation of the global cryptocurrency market, which registered a value of $864.85B, was far below the $900 million threshold.

In addition, Bitcoin fell back below $20,000 on the day as investors shunned the largest cryptocurrency in the world by market capitalization. The price of one bitcoin today was $19,107, a decrease of 0.08% from yesterday. Ethereum, the second-largest cryptocurrency in the world, remained clinging to the $1,000 level, however. The price of ether today increased 1.88% to $1,040.

Investors’ Response to the Current Market Dump

Investors are experiencing widespread panic as a result of the market decline as they attempt to decipher the reasons behind the current crypto market crash. The majority of investors still hang onto their investments because they believe in Bitcoin and other cryptocurrencies. Since the price of miners has dropped significantly, investors have started putting their money into safer alternative investments like remote mining, making now the ideal time to invest in mining.