November 17, 2021

Bitcoin drop below $30,000 sparks fears of another crypto winter

Jaap Arriens | NurPhoto | Getty Images

Bitcoin’s brief drop below the symbolic price threshold of $30,000 on Tuesday has reignited talk of a crypto winter. It doesn’t help that other cryptocurrencies like dogecoin, XRP, and others saw sharp drops in the last 24 hours.

But experts tell CNBC that bitcoin’s fundamentals are good, and the market conditions in 2021 are very different than the last big crypto crash in 2018.

“We are far from a bear market, only traders are freaking out over technicals seen on exchanges like volumes and price action,” said popular on-chain analyst and statistician Willy Woo.

What’s happening to bitcoin

Bitcoin’s rise in the last 12 months has had a lot to do with the billionaires and corporations that are buying bitcoin in big amounts. The surge in interest from mainstream financial players has not only reformed bitcoin’s image but has also fomented a supply…

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