Explorer

Bitcoin Price Crashes To Record 18-Month Low Amid Crypto Winter, Ethereum Sees Major Dip

Bitcoin may hit a grim $14,000 this year at this rate.

New Delhi: The crypto winter hammered cryptocurrencies on Monday as the price of a single Bitcoin fell sharply to around $25,600, an 18-month low.

The world's largest cryptocurrency further tanked 7 percent over fears of risk-off sentiment due to a sharp rise in inflation globally, especially the US.

Bitcoin (BTC) had reached an all-time high of over $68,000 in November 2021, and has fallen more than 60 percent since then.

According to analysts, Bitcoin may hit a grim $14,000 this year at this rate.

ALSO ON ABP LIVE: RBI Governor Continues To Maintain Strong Stance Against Crypto, Says They ‘Pose Huge Risks To Financial Stability’

In a Twitter thread, Venturefounder, a contributor at on-chain analytics platform CryptoQuant, forecast 2022 as Bitcoin's year to "capitulate".

"In the next 670 days, BTC will capitulate in the next 6 months and hit cycle bottom ($14-21k), then chop around $28-40k in most of 2023 and be at ~$40k again by next halving," one of the tweets read.

The likely bottom range at $14,000 would represent a drop of around 80 percent for Bitcoin from the $68,000 all-time high.

Ether (ETH), the second-largest cryptocurrency, also fell considerably.

Ethereum prices were hammered over the weekend, sending the world's second-largest digital asset back below its 2018 peak.

ALSO ON ABP LIVE: Crypto Scam Victims Lost $1 Billion Since 2021, Social Media And Crypto 'Combustible Combination': US FTC Report

On-chain analytics provider Glassnode reported that the Ethereum market has fallen below the 'ETH Realized Price' of $1,781.

On Monday, the cryptocurrency plunged to $1,355, resulting in unrealised losses of more than 40 percent.

(This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)

View More
Advertisement
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headlines

Delhi Confirms Receiving Diplomatic Note From Dhaka Over Ex-PM Sheikh Hasina's Extradition
Delhi Confirms Receiving Diplomatic Note From Dhaka Over Ex-PM Sheikh Hasina's Extradition
Legendary Filmmaker Shyam Benegal Passes Away At 90
Legendary Filmmaker Shyam Benegal Passes Away At 90
Centre Allows Schools To Fail Students In Classes 5 And 8, Amends RTE Rules
Centre Allows Schools To Fail Students In Classes 5 And 8, Amends RTE Rules
Delhi High Court Refuses Anticipatory Bail To Ex-IAS Probationer Puja Khedkar: 'Classic Case Of Fraud'
Delhi HC Refuses Anticipatory Bail To Ex-IAS Probationer Puja Khedkar: 'Classic Case Of Fraud'
Advertisement
ABP Premium

Videos

Sambhal News: Two New Corridors Found in Ancient Stepwell Excavation in ChandausiLucknow Police Encounters Robbers, Arrests Trio Involved in Bank Heist, One InjuredSambhal Stepwell Excavation: Truth to be Revealed, Major Discoveries Await - ABP NewsProtests Outside Allu Arjun's House Over 'Pushpa 2' Stampede Incident, Accused Granted Bail

Photo Gallery

Embed widget