Bitcoin and the rest of the crypto market have reached lows unseen since early 2021.
Bitcoin’s price has now broken well below $30,000, touching down to $28,228 just moments ago. That’s Bitcoin’s cheapest price since January 4th, 2021, retracing some of the gains made in its early bull market.
On Wednesday at 20:50 UST, Bitcoin’s price slipped from $29,000 to $28,228 within less than 5 minutes.
The price remains at $28,551 at the time of writing, down about 8% on the day.
The rest of the crypto market is also struggling with Ethereum barely holding $2000 as a support level.
Traders are getting wiped amid the chaos: within the last 24 hours, over $1 billion have been liquidated from the crypto market, according to Coinglass.
The price has even breached Bitcoin’s low as of June 21st, 2021 at $28,600.
This puts MicroStrategy a step closer to its margin call price of $21,000, at which point if will be forced to deploy more of its Bitcoin as loan collateral.
“The bitcoin price is set by those with more money and less knowledge than you,” he tweeted today. “In time, they will get the knowledge and you will get the money.”
Andrew is content writer with a passion for Bitcoin. He became familiar with Bitcoin back in 2013, but began diligently studying the blockchain technology and its economic implications in 2017. Ever since, he’s believed in the network’s power to replace the current global monetary system, and provide financial freedom to billions worldwide.
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