Big League Politics By
Bitcoin, the most popular cryptocurrency in existence, tumbled below $30,000 on Monday, which is the lowest price to buy a single digital coin since July 2021.
This comes amidst news of monetary tightening through the raising of interest rates by the Federal Reserve. Crypto experts largely do not believe the plummet will be permanent, and Bitcoin will inevitably rebound.
“The recent crypto slide is strictly based on the tech share-led sell-off and not fundamentals for the cryptoverse. Bearish momentum could take bitcoin towards the $28,500 level, but that might start to be where some long-term bets come into play,” said Edward Moya, who works as a senior market analyst for Oanda.
“The long-term fundamentals remain in place for bitcoin, but a return to record highs will take a long time. Bitcoin will start to stabilize when the bloodbath on Wall Street ends and right now many investors are still in panic-selling mode,” Moya added.
