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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Crypto Market Tumbles As Bitcoin Breaks Previous Cycle's Highs

    Rocky
    Rocky
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    Posts : 281905
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    Crypto Market Tumbles As Bitcoin Breaks Previous Cycle's Highs Empty Crypto Market Tumbles As Bitcoin Breaks Previous Cycle's Highs

    Post by Rocky Sun 19 Jun 2022, 8:19 am


    Crypto Market Tumbles As Bitcoin Breaks Previous Cycle's Highs

    Tracy Wang 18 hrs ago





    Crypto Market Tumbles As Bitcoin Breaks Previous Cycle's Highs AAYCpD3© Provided by CoinDesk The price of bitcoin fell below $18,500, breaching its previous cycle's all-time highs (CoinDesk).
    Bitcoin fell below the $18,500 price level for the first time Saturday, failing to rebound back to the $20,000 to $23,000 range it had been steadily trading at last week.

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    As of press time, bitcoin was trading at about $18,319 a coin, a 10.8% decline over the past 24 hours. Bitcoin’s market capitalization slumped to about $350 billion, a 73% decline from its November all-time high, according to CoinGecko.

    The price drop of bitcoin also marks the breach of a significant price level – namely, bitcoin’s all-time high from the previous crypto cycle.

    Bitcoin has historically experienced periods of asymptotic price run-ups followed by steep crashes, typically played out over several months to two years. Cryptocurrency traders and speculators refer to these periods as "cycles" and often reference historical price levels when setting new price targets.

    Some crypto traders have theorized that bitcoin would not fall below its previous cycle’s highs, a theory that held during the 2018 drawdown, but has now been disproven for the current cycle.

    During bitcoin’s 2017 run up, bitcoin reached a then-high of $19,783 in December 2017 before falling back down to the four-digits range just one month later.

    During the 2013-2014 cycle, bitcoin reached an all-time high of $1,127 at the time, a level that the cryptocurrency successfully defended during its 2018 drawdown.

    Bitcoin’s price drop Saturday morning also brought down the broader crypto currency market, with Ether tumbling 12.4% to $948, well below its 2017-2018 cycle highs of $1,448.

    Other major cryptocurrencies saw declines of a smaller magnitude, with Solana’s SOL dropping 8.6% to $29.08, Cardano’s ADA falling 9.1% to 44 cents Ripple’s XRP declining 6.1% to 30 cents over the past 24 hours.

    https://www.msn.com/en-us/money/markets/crypto-market-tumbles-as-bitcoin-breaks-previous-cycles-highs/ar-AAYCeSL?li=BBnbfcL

      Current date/time is Sat 07 Dec 2024, 8:39 pm