The world’s top ranked cryptocurrency is nearing a dangerous level after five consecutive days of drastic drops in price.
In the last 24 hours, bitcoin hit a low of US$20,834 but was trading slightly higher at time of writing, at US$21,442.
However, an expert has warned that if BTC dips below the all-important $20,000 mark, it could spell disaster for the blockchain.
In the same way, the future of the world’s second largest cryptocurrency, ethereum is also in doubt.
It was trading at $1,075.28 during its lowest point in the last day.
An expert has warned that if bitcoin slips below $20,000 and ethereum below $1000, then “massive sell pressure” will ensue which will further drive down prices.
Arthur Hayes, former BitMEX chief, took to Twitter to voice his concerns.
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If these levels break, $20k $BTC & $1k $ETH, we can expect massive sell pressure in the spot markets as dealers hedge themselves. We can also expect that there will be some otc dealers and that will be unable to...
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