Bitcoin crash continues

It's been a tough week, a tough month, and a particularly challenging year for Bitcoin bulls. The price of the cryptocurrency is down 6.4% this week, 18.7% over the past month, and 76.2% year to date. The maximum reduction was 83.5%. Isaac Newton once said, “What goes up must come down,” and cryptocurrency very much confirms this theory.

Not so long ago, even people like George Soros, in completely different market conditions, publicly announced their intention to invest in this sector. These statements were seen by at least some as an April Fool's joke, since just a few months ago Soros, along with other financial sector leaders, criticized Bitcoin and the market as a whole. Let's not forget some particularly critical comments from JPMorgan Chase CEO Jamie Dimon after he revealed that his daughter had invested in the sector. Bearish sentiment has seen the cryptocurrency hit its lowest level since last summer, marking another critical moment for the crypto community, along with the emergence of Bitcoin Cash. Designed to dethrone Bitcoin's dominance, last month's fork appears to have revolutionized the Bitcoin Cash family. However, Satoshi's self-proclaimed Bitcoin Cash SV did not benefit the market, which was desperately in need of support.

The total cryptocurrency market capitalization hit a low of $101.04 billion in the early hours of this morning. Bitcoin, however, has found some support, although given the current trend, it is difficult to imagine that this will affect the desire of investors to enter the market.

While last year many said, “I wish I had invested a couple hundred dollars a few years ago,” this year, for some, the Bitcoin story has become a warning. Losing 83.5% on a few hundred dollars is acceptable, but losing 83.5% on a $1 million gain is not.

The bulls are still thinking about how to counter the market declineand are trying to use all their strength to reverse the trend, but after a steep decline will make investors think twice about voluntarily returning to a market in which their virtual millions disappeared almost as quickly as they appeared. 

Although the bears are desperate to drown Bitcoin and the entire market forever, not all hope is lost. The cryptocurrency market and blockchain technology have proven to be a worthy alternative to legal tender. Ripple has shown how effectively blockchain technology is used in the real world.

Unified regulation through the G20 and a possible influx of institutional money, if the SEC approves at least one Bitcoin ETF will likely have a positive impact Impact on the Cryptocurrency World Early last year, investors were pushing back against the idea of regulation and oversight. The market saw wild price swings on a weekly basis, and regulators in China, Japan and South Korea were taking action on trading. An inversion could be close, providing real funding for Bitcoin and for the market. In this year of misery, cushioning would be very welcome, but in all honesty, a $3,000 Bitcoin is certainly more attractive than a $20,000 Bitcoin, especially. considering its level of adoption.

We are not yet in the phase where "the only movement can be up" and we could see Bitcoin at $2,000 before the bears leave and the bulls come back with a tailwind.

According to https://www.emchat.net