Bitcoin crashed on Saturday, falling below $19,000, a two-year low. The last time BTC traded at this level was in December 2020, after which it hit a bullish run to sell for as high as $68,990.90 in November 2021.
The cryptocurrency depreciated by -7.54% against the $20,471.48 it closed Friday with, as it slumped to $18,926.50 early hours of the next day. Year-to-date, bitcoin is down -59.13%, having traded around $46,311.74 on January 1.
This means in the last six months, bitcoin has shed $27,385.24 in price, and has lost $541.16 billion in market share.
Bitcoin is trailing the projection of the Chairman and Chief Investment Officer of asset management giant, Guggenheim Investments, Scott Minerd, who predicted a fall to $15,000 in July 2021.
“I think that there is still more air to come out of this, and ultimately, I think something in the neighborhood of $15,000 is where we’re going to end up,” the billionaire told Bloomberg last year.
The dip was driven by a bearish sentiment which has forced BTC holders to take out their money from the cryptoasset for more trustworthy traditional assets amid inflation griping global market.