For the first time since December 2020, the price of BTC traded below $20,000 on Binance. As of writing these lines, the cryptocurrency dropped to a low of $19,066 on Bitstamp Exchange, which is below the iconic previous all-time high from 2017 – $19.7K. This happens as the entire market tumbles amid rampant rumors and ongoing challenges.
- This comes on the back of a broader market pullback where all cryptocurrencies are trading well in the red.
- The market capitalization tumbles further below $1 trillion, standing at $885 million at the time of this writing.
- This has also propelled liquidations of futures contracts and their collective worth over the past 24 hours has exceeded $125 million.
Is $12,000 the Ultimatum?
Two significant Bitcoin investors had no choice but to put it up because they can’t let it go down any longer so they acted as if this price drop was the norm before BTC skyrocketed. This is a common occurrence in cryptocurrency pricing. Finally, Cramer predicted that Bitcoin will drop below $12,000, the amount at which it was “before this whole fiasco began.”