Bitcoin falls below $25,000, 180,000 traders lose $520 million

Bitcoin falls below $25,000, 180,000 traders lose $520 million

Bitcoin traded below $25,000, a price point, not seen since December 2020 as the market selloff seen throughout the year continues; Over 180,000 crypto traders lost approximately $520 million.

Many have compared the decline in the market to what was seen in the 2008 crypto market crash while others have likened this selloff to the Game of Thrones’ famous episode, “The Red Wedding”, Nairametrics reports.

Bitcoin has fallen below a basic sustain zone, the $25,000 sustain zone and with it, liquidation, margin calls and loss of funds have become the order of the day. The complete cryptocurrency market capitalization has fallen approximately 8% as it currently stands below the $1 trillion as of the time of this writing, suggesting that the market has lost its trillion-dollar position.

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As with bitcoin, so it is with every other altcoin posting declines of 20% and more in the last seven days as the selloff deepens. A major focus has been the CEL token, the native token of Celsius, who has now lost over 50% of its value in just 24 hours as the platform announced it was halting withdrawals.

Bitcoin (BTC) plummeted under $25,000 amid weakness in the macroeconomic ecosystem and systemic risk from within the crypto market, data shows.

The asset has slid for nearly twelve straight weeks, falling from nearly $49,000 in March 2022 to under $25,000. It showed some signs of bottoming out in mid-May but worrying U.S. inflation data released last week did little to cushion falling sentiment.

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