The value of Bitcoin dropped 9% in a 24-hour period to $19,217.81, according to Coin Metrics data. It was the lowest level for the benchmark cryptocurrency in one and a half years.
“Objectively, looking at the chart, there really is no viable support left,” Europac.com Chief Economist Peter Schiff tweeted. Most likely, Bitcoin will find short-term support along the long-term trend line around $6K.”
— Bloomberg (@business) June 18, 2022
Bitcoin has fallen 33% over the last week, dropping its total market capitalization to $370 billion from $580. Since hitting an all-time high of $67,567 on November 8, 2021,