On Saturday (June 18), as the price of Bitcoin ($BTC) went below the $20K level for the first time since December 2020, macro-economist, trader, strategic advisor, and popular crypto analyst on Twitter Alex Krüger explained why this price level is so significant.
According to data by TradingView, on crypto exchange Bitstamp, the $BTC price dropped below $20K around 6:51 a.m. UTC, and currently (as of 8:16 a.m. UTC), Bitcoin is trading around $18,900.
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Krüger said for $BTC to be seen as an “investable asset class”, it is crucial for Bitcoin to get back above the $20K level, and another popular crypto analyst agreed with him.
It is important to note that yesterday Krüger had warned that the $BTC chart is “so broken it’s one for the history books.”
Arthur Hayes, Co-Founder of 100x (the owner and operator of crypto exchange BitMEX), blames the Bitcoin price crash mostly on the quantitative tightening by the Federal Reserve.
Interestingly, yesterday, Barry Silbert, who is the founder and CEO of its Digital Currency Group (DCG), which is the parent company of crypto investment firm Grayscale Investments, tweeted that they were buying $BTC.
Meanwhile, today, the price of Ethereum ($ETH) fell below the $1000 level — for the first time since December 2020 — at around 7:17 a.m. UTC, and it is currently (as of 8:30 a.m. UTC) trading at $997.75.
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