Bitcoin Price Has Crashed With Market In 'Freefall'

The price of bitcoin has crashed below $30,000, with the market now in 'freefall'.

It brings its total losses to more than 50 percent, after it hit its all-time high, back in April.

Nicholas Cawley from trading analysis firm DailyFX, told The Independent: "The crypto market is in freefall with support levels broken with ease...the latest Chinese mining ban is fuelling the move lower but the overall market tone is very negative with little reason to buy the market.

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"It's a guessing game at the moment - will bitcoin be up or down $10k in a month's time - no-one knows and those who tell you they do know, don't. We have seen these moves before, and will likely see them again. If you believe in cryptos, and are a holder, your exit strategy has just been pushed further into the distance."

The crash - which is market-wide and has also affected Ethereum, Cardano and Dogecoin - has seen a staggering half a trillion dollars wiped from the market just in the last seven days.

Alex Siman, founder of decentralised social network Subsocial, also told the publication: "At this rate of fall, it's difficult to predict the level at which the price will form a baseline for an imminent rebound, as big investors with the potential to reverse prices are choosing to watch from the sideline.

"While we can still see a positive dynamic before the end of this year, to me, steeper plunges to $20,000 won't come as a surprise either."

However, if the past is anything to go by, this and other recent nosedives might not be the start of the 'crypto-crash' that everyone has been predicting, and things might bounce back to normal relatively soon.

It's widely known that cryptocurrency is prone to periods of extreme fluctuation - that's par for the course. At the minute the experts claim that the slump is due to 'FUD', better known as Fear, Uncertainty and Doubt.

Paolo Ardoino, from cryptocurrency exchange Bitfinex, is one of those who isn't too bothered by the slump.

He believes that the market is somewhat more stable than it has been before.

Amelia Ward

Amelia is a journalist at LADbible. After studying journalism at Liverpool John Moores and Salford Uni (don't ask), she went into PR and then the world of music. She spent a few years working on festivals and events before joining LADbible. In her spare time, Amelia likes music and spending good, quality time with her cat, Paul. You can contact Amelia at [email protected].

@ameliasward