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Bitcoin tumbled again, driving the token to the brink of $20,000 as evidence of deepening stress within the crypto industry kept piling up. Bitcoin fell as much as 8.6% on Wednesday $20,081.95. The largest token has fallen for nine straight days, the longest losing streak since 2014. Ether was on the cusp of breaking the $1,000 mark after a 10% plunge. 
The crypto market now stands at a fraction of its heights in late 2021, when Bitcoin traded at a heady $65,000 and traders poured cash into speculative investments of all stripes. The total market cap of cryptocurrencies is $925 billion, down from $3 trillion in November, according to CoinGecko.
The price of bitcoin fell below the $30,000 mark on Wednesday for the second time this week, after new data showed inflation is still running near 40-year highs. Bitcoin fell about 7% to $29,196.10, according to Coin Metrics. Ether was down 8% to $2,160.46. Cryptocurrencies declined with stock futures after the Bureau of Labor Statistics reported consumer prices for the month of April jumped 8.3%, which was slightly higher than expected by economists polled by Dow Jones. 
This is the second time this week bitcoin has fallen into the $29,000 range. Analysts have called $30,000 a key level for the largest cryptocurrency by market cap, and said it could fall even further if it canât hold there. This time last week bitcoin touched a recent high of $40,000 but quickly reversed the next day and has been steadily hitting new lows since.
bitcoin drops below 30000 as hot inflation report causes investors to shun risky assets 2022
Bitcoin dropped to as low as $33,266 in morning trade, testing the January low of $32,951. A fall below that level would be it lowest since July last year. It then steadied to trade around $33,500, down 1.4%. Ether, shed as much 4.6%. Most of the major virtual coins were under pressure over the weekend and the downbeat mood carried over into Monday. Equities in and Europe also dropped, with Hong Kongâs benchmark index slumping 3.8%. 
Bitcoinâs recent decline puts it at risk of firmly dropping out of the range where itâs been trading in 2022, completely reversing the bull run that drove the token to a record of almost $69,000 in November.
Bitcoin has lost about 13% this month and is on track to test support from the lower end of a so-called âbearish flagâ technical pattern. Immediate support in the pattern for the largest cryptocurrency, which is currently trading around $38,000, lies at $37,582 -- under which the next key level is the lower end of the flag around $36,700. Any break of the flag will bring $26,000 into focus.
At a bitcoin conference in Miami, venture investor Peter Thiel presented a slideshow that included criticisms of financial opinion leaders who he says are trying to stop the cryptocurrency. Thiel called Warren Buffett a âsociopathic grandpa from Omaha.â He also took aim at JPMorganâs Jamie Dimon and BlackRockâs Larry Fink.
thiel calls buffett sociopathic grandpa from omaha about bitcoin 2022
Bitcoin and other cryptocurrencies fell on Thursday as some of the initial excitement around U.S. President Joe Bidenâs executive order on digital assets faded.Bitcoin was down more than 6% at $39,086 at 3:38 a.m. ET on Thursday, according to data from CoinDesk. Some high-profile cryptocurrency industry players praised the presidentâs executive order, while others called the move âdefensive.â
bitcoin btc falls following biden crypto executive order gains 2022
Sales of nonfungible tokens jumped to more than $17 billion in 2021, according to a new report from NFT data company Nonfungible.com. The study, developed with BNP Paribas-owned research firm LâAtelier, said trading in NFTs hit $17.6 billion last year, reflecting an eye-watering 21,000% surge from 2020â²s total of $82 million.
trading in nfts spiked 21000percent to top 17 billion in 2021 report 2022
Bitcoin and other cryptocurrencies were higher on Wednesday after President Joe Biden announced his highly-anticipated executive order on digital assets. Bitcoin was trading at $42,118.73, around 8% higher as of 6:30 a.m. ET, according to data from CoinDesk. Other cryptocurrencies including ether were also sharply higher. Bidenâs executive order attempts to address the lack of a framework for the development of cryptocurrencies in the U.S., which critics say could leave the countryâs industry behind the rest of the world.
bitcoin btc jumps after treasury statement on crypto executive order 2022