Bitcoin Drops Down to About $39K in 24 Hours, Is this the Bottom? -Breaking
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© Reuters Bitcoin Drops Down to About $39K in 24 Hours, Is this the Bottom?- After dropping for 24 hours Monday, the weekly low was about $39K.
- Analysts warn of lower crypto markets.
- In other news, India’s trading volume heads down by 72% since the new tax law was applied.
Bitcoin drops to $39K per week, making it the number-one cryptocurrency. However, the price is still hovering at the same level. This news shocked many cryptocurrency enthusiasts.
Some of the concerns came on Twitter (NYSE:) from famous crypto accounts such as CryptoWhale, who commented, saying “Bitcoin is in for a major crash below $30K in the near future. Don’t say I didn’t warn you!”
Crypto Hover also commented, saying “I BELIEVE $40,000 WAS THE BOTTOM FOR Bitcoin. I am buying the dip like never before!”
Meanwhile, Bitcoin’s official page replied to the dip with one tweet that was met with conflicting opinions. Some comments claimed that this is temporary, and others predicted that there will be a rebound to the coin’s highs.
Is it going to be broken? pic.twitter.com/q7hnrF6uLB
— Bitcoin (@Bitcoin) April 12, 2022
Bitcoin swings at $39K but other major coins such as the are also dropping. After an all-time high of just a little less than $5K, it is currently priced at $3K. BNB also drops to about $400, after hitting an all-time high at around $700.
In other news, India’s crypto trading volume dropped by 72% in some exchanges since the new tax law came into effect on April 1, 2022. Crebaco was the crypto research agency that provided this data.
Wazirx has seen a fall of 72%, Zebpay fell by 59%, CoinDCX dropped 52%, BitBns declined 41% and Wazirx is now down at 59%. Since the introduction of the 30% tax on cryptocurrency exchanges, India’s crypto market has been suffering significant losses.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. The information contained in this article shouldn’t be taken as advice. CoinQuora advises its users to research cryptocurrency before making any investment.
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