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“Don’t buy the dip”- Expert warns as Bitcoin crashes to $21,000.

by Despina Karpathiou
June 14, 2022
Reading Time: 2 mins read
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“Don’t buy the dip”- Expert warns as Bitcoin crashes to $21,000.

Source: Getty

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Just when you thought we’d get a break! In bad news for investors, cryptocurrency is in for a rough couple of weeks as experts warn that the embattled digital tokens haven’t hit anywhere near rock bottom.

Key takeaways:

-By 8pm AEDT on Monday, the top-ranked blockchain tanked to US$23,740, the lowest it has been since Christmas 2020.

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-One day later, it had dropped to US$21,000

-Bitcoin lost more than 10% of its value in a day.

-Its a massive drop from eight months earlier, when bitcoin was worth $69,000 per token in November.

According to Forbes, a whopping $US100 billion ($A142 billion) disintegrated from the combined cryptocurrency market capitalisation last week.

Bigger blockchains ached a significant loss including bitcoin, ethereum, BNB, solana, cardano, XRP, dogecoin, polkadot, tron and avalanche.

Chief Economist & Global Strategist Peter Schiff has warned investors NOT to buy the dip.

This could be a rough weekend for #crypto. #Bitcoin looks poised to crash to $20K and #Ethereum to $1K. If so, the entire market cap of nearly 20K digital tokens would sink below $800 billion, from nearly $3 trillion at its peak. Don't buy this dip. You'll lose a lot more money.

— Peter Schiff (@PeterSchiff) June 11, 2022

More to come.

Tags: bitcoincryptocrypto crashcrypto marketcryptocurrencyEthereumrippleworld newsxrp
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