{"id":14662,"date":"2021-12-04T11:22:51","date_gmt":"2021-12-04T10:22:51","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=14662"},"modified":"2021-12-04T11:22:56","modified_gmt":"2021-12-04T10:22:56","slug":"bitcoin-drops-below-47k-wiping-all-october-gains","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bitcoin-drops-below-47k-wiping-all-october-gains\/","title":{"rendered":"Bitcoin drops below $47K, wiping all October gains\u00a0"},"content":{"rendered":"\n
As volatility strikes, the price of Bitcoin <\/a>has dropped to two-month lows. But, with the price of Bitcoin hovering around $42,000, could the bottom be in?<\/h5>\n\n\n\n
\"Bitcoin<\/figure>\n\n\n\n

Bitcoin \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>(BTC) has dropped below $47,000 in the last 24 hours, dropping roughly 20% of its value. This is the greatest one-day decrease since May 15, when the price of Bitcoin fell to roughly $33,000 for a brief period.<\/p>\n\n\n\n

BTC's market price dropped 26.4 % from its week-long support of $57,206 to $42,268 before returning to the $45k barrier. According to ByBit statistics, the Bitcoin market saw $1.3 billion in total liquidations in the last hour, with $735 million in BTC longs liquidated as a result of the decrease.<\/p>\n\n\n\n

\"\"
Chart showing total liquidations for BTC. Source: ByB<\/em><\/figcaption><\/figure>\n\n\n\n

As a consequence, Bitcoin's bear market cancels out the two-month-long bull market that began on September 29 and ended on November 8, when BTC climbed over 63 % to an all-time high of $67,602. However, several Bitcoin observers, like TechDev, have seen a consistent pattern in Bitcoin's price activity throughout the years.<\/p>\n\n\n\n

Every #Bitcoin cycle in history has ended with a red month followed by 2 or 3 very green months. pic.twitter.com\/zr1055PvkL<\/p>

\u2014 TechDev (@TechDev_52) October 18, 2021<\/p><\/blockquote>\n\n\n\n

Another factor contributing to Bitcoin's two-month losing run is widespread pushback from US authorities, who have called the CEOs of key crypto exchanges like as FTX and Binance US to testify at a hearing on crypto-assets.<\/p>\n\n\n\n

Some, on the other hand, feel that Bitcoin's price has stabilized following its recent dip. Michaal van de Poppe, CEO of crypto educational platform Eight Global, for example, stated:<\/p>\n\n\n\n

Bottom is in.<\/p>

\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) December 4, 2021<\/p><\/blockquote>\n\n\n\n

Despite worries about volatility and noncompliance with standard banking norms, Bitcoin <\/a>remains a potential asset for countries with shaky economies. Zimbabwe's government is contemplating adopting Bitcoin as a mainstream currency, following in the footsteps of El Salvador<\/a>. El Salvador buys 150 bitcoins when the price of bitcoin falls below $50,000.<\/p>\n\n\n\n

The authorities plan to adopt legislation to safeguard customers from financial concerns such as unregistered cross-border transfers, money <\/a>externalization, and money laundering, according to Wekwete.<\/p>\n","protected":false},"excerpt":{"rendered":"

As volatility strikes, the price of Bitcoin has dropped to two-month lows. But, with the price of Bitcoin hovering around $42,000, could the bottom be in? Bitcoin (BTC) has dropped below $47,000 in the last 24 hours, dropping roughly 20% of its value. This is the greatest one-day decrease since May 15, when the price […]<\/p>\n","protected":false},"author":13,"featured_media":14664,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83,76],"tags":[5371],"class_list":["post-14662","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","category-bitcoin-price","tag-bitcoin-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/12\/image-43.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/14662","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=14662"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/14662\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/14664"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=14662"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=14662"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=14662"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}