Bitcoin price suddenly crashes amid ‘death cross’ fears
The price of bitcoin has crashed once again over the weekend, leading a market-wide nosedive that shows no signs of slowing down on Monday morning.
Nearly $200 billion was wiped from the cryptocurrency market since Sunday, adding to a further $200bn in losses over the last week.
Bitcoin was back below $33,000 at the start of the week for the first time since early June, though it still remains way up when looking at the year-on-year charts for 2021.
The latest drop has led to fears that more losses could be on the way, as a pattern known as the “death cross” has been reached. This is where the 50-day moving price average falls below the 200-day moving average, potentially signalling the arrival of a bear market.
Other leading cryptocurrencies also suffered, with Ethereum (ether), Cardano (ada), Binance Coin and dogecoin all dropping by a similar margin to bitcoin.