If you are involved in the cryptocurrency market and haven't looked at your portfolio in quite some time, now might be the time, as prices are reaching catastrophic lows.
The price of Bitcoin has been bleeding since it reached its all-time high of $69,000 back in November 2021, and since then, it has been on a slow decline. From January to April 2022, Bitcoin's price fluctuated between $45,000 and $35,000, and what seemed to be a reasonable price range. Then May rolled around, and the selling began, driving the price from an approximate $35,000 to $26,000 by the beginning of June.
Now June has arrived, and the blood simply hasn't stopped but has continued to gush out faster as more sell-offs occurred, causing the world's most valuable cryptocurrency to plummet a further 30% to its current level of approximately $20,000. Notably, Bitcoin's price broke the $20,000 mark, which is the lowest support the market has seen since December 2020.
With the slow, and then fast decline of Bitcoin's price, many traders and hodlers are searching Google for answers, with many people simply asking the search engine is "bitcoin dead". CoinTelegraph reports that Google searches for the term "bitcoin dead" recently reached an all-time high over the weekend, achieving a score of 100 between the dates June 12 and June 18.
Comparatively, the last time the "bitcoin dead" search term reached a score of 100 was in December 2017. These searches by frantic traders and hodlers reflect the absolute uncertainty that is riddling the cryptocurrency market, which was undoubtedly triggered by a number of factors such as announcements from the Federal Reserve regarding interest rates, the collapse of Terra, and the war in Ukraine.
As pointed out by CoinTelegraph, Bitcoin was deemed "dead" at least 45 times by mainstream media through 2021. The same year the cryptocurrency reached its all-time high of $69,000. For context, in 2017, when Bitcoin first hit $20,000, it "died" 124 times.
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