Bitcoin

After its global market capitalization dropped below the <a href="https://finbold.com/global-crypto-market-cap-battles-to-hold-above-1-trillion-as-fud-sets-in/" rel="noopener noreferrer nofollow">psychological threshold of $1 trillion</a>, the <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">cryptocurrency sector</a> has continued to slump even further, with the market cap of Bitcoin (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>), its largest asset by this indicator, losing more than $45 billion in the last 24 hours as <a href="https://finbold.com/guide/bear-market-definition/" rel="noopener noreferrer nofollow">bearish</a> momentum has accelerated.Indeed, the total <a href="https://finbold.com/cryptocurrencies/" rel="noopener noreferrer nofollow">cryptocurrency</a> market cap by press time decreased to $928 billion, largely influenced by the maiden crypto’s market cap draining by over 8% in the past day and 11% over the week, currently amounting to $385 billion, according to the data retrieved from <a href="https://finbold.com/guide/best-crypto-data-websites/#CoinMarketCap" rel="noopener noreferrer nofollow">CoinMarketCap</a> on March 10.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/104695999f494620bb61db71dd1702e7.png" />Bitcoin 7-day market cap. Source: <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">CoinMarketCap</a>Indeed, the sentiment of ‘<a href="https://finbold.com/guide/what-is-hodl/#FUD" rel="noopener noreferrer nofollow">FUD</a>’ (‘Fear, Uncertainty, and Doubt’), which had accumulated in the days leading up to the latest downturn with a series of unfavorable developments, such as the collapse of the crypto-oriented <a href="https://finbold.com/guides/banking/" rel="noopener noreferrer nofollow">bank</a> Silvergate, has further continued as the contagion spread across the <a href="https://finbold.com/guides/cryptocurrency/" rel="noopener noreferrer nofollow">crypto</a> and <a href="https://finbold.com/guides/finance/" rel="noopener noreferrer nofollow">finance</a> sectors.On top of that, the bearish momentum <a href="https://twitter.com/StockmoneyL/status/1633899172230316032" rel="noopener noreferrer nofollow">accelerated</a>, coinciding with the news of New York Attorney General Letitia James recently <a href="https://ag.ny.gov/press-release/2023/attorney-general-james-continues-crackdown-unregistered-cryptocurrency-platforms" rel="noopener noreferrer nofollow">filing a lawsuit</a> against <a href="https://finbold.com/review/kucoin-review/" rel="noopener noreferrer nofollow">KuCoin</a>, citing the failure of the fourth-largest <a href="https://finbold.com/guide/best-cryptocurrency-trading-platforms/" rel="noopener noreferrer nofollow">crypto exchange</a> to register with the state before allowing <a href="https://finbold.com/guides/investing/" rel="noopener noreferrer nofollow">investors</a> to buy and sell crypto on its platform.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/3a003dee19e2437b970f833bff23ec60.jpg" />Bitcoin price action analysis. Source: <a href="https://twitter.com/StockmoneyL/status/1633899172230316032" rel="noopener noreferrer nofollow">Stockmoney Lizards</a>After losing the critical <a href="https://finbold.com/guide/support-and-resistance/" rel="noopener noreferrer nofollow">support</a> level at $20,000, the price of <a href="https://finbold.com/topic/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> fell to $19,915 by the time of publication, demonstrating a decline of 8.05% across the previous 24 hours, in addition to losing 15.13% in the past week and 14.51% over the last 30 days, and threatening the gains of 19.85% achieved since the year’s turn.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/1922b8b7da994be084c263c1746fc7ea.png" />That said, the silver lining in the current market downswing is the low price of the flagship digital asset that has historically gone through a <a href="https://finbold.com/guide/chart-patterns/" rel="noopener noreferrer nofollow">pattern</a> of ideal times for key decision-making in <a href="https://finbold.com/guide/cryptocurrency-trading/" rel="noopener noreferrer nofollow">crypto trading</a> strategies – buy, <a href="https://finbold.com/guide/what-is-hodl/" rel="noopener noreferrer nofollow">hodl</a>, and sell – suggesting for some waiting on the sidelines, this might be the <a href="https://finbold.com/bitcoins-historical-pattern-indicates-now-is-the-time-to-buy-btc/" rel="noopener noreferrer nofollow">right time to buy</a> Bitcoin.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">Finbold.com</a>.

Crypto crisis: Bitcoin crashes below $20,000 – what’s next for investors?

Finbold

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