Bitcoin Price Fall Below $ 40K Caused Market Fear

The price of Bitcoin fell below $ 40,000 for the first time in six weeks.

Starting the week at $ 47,300, BTC fell 16 percent towards the end of Sept. 21, dropping to $ 39,650. Bitcoin has lost 25 percent of its value since September 7, when it surpassed $ 50,000.

Bitcoin, on the other hand, fell to $ 29,300 on July 20 and has since recovered more than 80 percent, rising to more than $ 42,000 at time of translation.

Bitcoin wasn’t the only cryptocurrency to lose value on September 21. According to data from CoinGecko, 29 of the top 30 cryptocurrencies have lost value in the last 24 hours.

According to the Crypto Fear & Ambition Index, this has caused market sentiment to turn into “extreme fear”. Market sentiment was in “too ambitious” territory just a month ago.

It may interest you: What is the Crypto Fear & Ambition Index?

Overt critics of crypto seized the opportunity to make this solution doomsday. With 300 thousand followers on Twitter, “Mr. Whale ”suggested that the bear market has started.

Gold investor Peter Schiff said that altcoin growth will soon outstrip demand, and that said the crypto bubble will eventually burst. Bitfinex’ed On the other hand, he believes that the debts of Chinese real estate giant Evergrande will threaten Tether’s reserves and the cryptocurrency markets in general through systematic risk.

On the other hand, SEC Chairman Gary Gensler, in a statement last night, compared stablecoins to poker chips and said the industry should be more strictly regulated.

On the other hand, most Crypto Twitter announced that they are using the floor price as an opportunity to buy. Analysts believe that Bitcoin will rally as long as it holds onto a certain level.

Galaxy Digital CEO Mike Novogratz told CNBC that he won’t worry as long as BTC stays above $ 40,000 and ETH above $ 2,800.

Analyst William Clemente III also believes that Bitcoin is unlikely to fall below $ 39,000 due to its liquid supply base and “real-time rarity.”

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