Tagged in: plunge

Will the Bitcoin Plunge Continue Its Downward Spiral?

Cryptocurrency traders were hit hard by the most dramatic plunge in cryptocurrency assets since the upward crypto trend began in 2020. Bitcoin, Ethereum, and other digital coins shed $1 trillion in just one month. Losing 55% of its value from November 2021 highs of $69,000, bitcoin dropped to $31,000 the first week of May and down to $27,000 a week later. 

Will cryptocurrencies continue to slide? Should traders buy the dip, hold steady or give up on bitcoin? What does this mean for traders who have accounts with crypto brokers? 

It was no secret from the beginning that bitcoin and other cryptocurrencies are highly speculative. In fact, there was a similar plunge in bitcoin in the spring of 2021 from its highs in October 2020. Some of the reasons crypto assets usually sell off such as highly leveraged speculative investors and rumors on social media – may be at …