Cryptocurrencies Continue To Fall, Bitcoin Plunges By 2.74%

Bitcoin, along with other cryptocurrencies continues with the bearish trajectory. Today, on July 1, till 6.05 pm UTC, Bitcoin was quoted at US$ 19,438.70 falling by 2.74%. Yesterday, the asset closed at US$ 19,985.60.

On the other hand, at the same time, Ether was quoted at US$ 1,070.35, falling by 0.025%. Yesterday, the asset closed at US$ 1,099.15. Litecoin was quoted at US$ 51.14, falling sharply by 5.00%, Dogecoin was quoted at US$ 0.0663 dropping by 0.71%, and Cardano was quoted at US$ 0.4499 falling sharply by 2.77%.

An FXSteet report mentioned recently, "Bitcoin price narrates two opposing tales at once. For traders, the bullish signals seem unreliable, only to be short-lived and causing much pain. The bears are enjoying fast-acting retracements and fake-outs. Liquidity hunts in this market are far too common. For investors with a long-term outlook, the discounted Bitcoin price is appealing and could yield exponential gains towards $80,000 in the coming years. There can only be one victor of the ongoing battle between crypto advocates and the savvy inflation-spirited bears, but at the current time, it is uncertain who the true King Arthur is destined to wield Bitcoin's 'Excalibur' will be."

The present downward trend which has been consistent in the past few months is concerning crypto investors. Sell-off is a major worry for the asset. An article published in Finbold stated, "This resulted in a crisis that is currently engulfing the entire digital asset sector on a global scale, and in turn, has impacted not just retail investors, as data acquired by Finbold indicates that almost 70% of Bitcoin millionaires were wiped in H1 2022."