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Bitcoin Breaks Below $28.6K: Recording Its Lowest Level Since January 2021

Bitcoin Breaks Below $28.6K: Recording Its Lowest Level Since January 2021 WikiBit 2022-05-12 10:01

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 Bitcoins 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 Bitcoins low as of June 21st, 2021 at $28,600. Please download WikiBit for more blockchain news.

  • 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.”

    Bitcoin / USD. Source: TradingView


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