{"id":467609,"date":"2021-07-16T17:00:59","date_gmt":"2021-07-16T17:00:59","guid":{"rendered":"https:\/\/uniquehot.com\/?p=467609"},"modified":"2024-06-11T13:57:07","modified_gmt":"2024-06-11T13:57:07","slug":"bitcoin-might-already-be-in-a-bear-market","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-might-already-be-in-a-bear-market\/","title":{"rendered":"Bitcoin Might Already Be In A Bear Market, Investors Just Don\u2019t Know It Yet"},"content":{"rendered":"<p class=\"p1\">Bitcoin has so far enjoyed a good amount of success these past years, and so it is not surprising that investors want to continue to believe that the digital asset will continue its growth spurt. But what could very well be faith in the market might also be a denial of the obvious, which is that bitcoin has finally entered a bear market.<\/p>\n<p class=\"p1\">For about two months since bitcoin hits its $64K all-time high, the pioneer digital asset has suffered losses and corrections that have seen the price dip even further down than anticipated. About a month after setting a new price record, the digital asset saw several dips that led to the loss of over 50% of its all-time high value.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading |\u00a0<a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/las-vegas-strip-club-accepts-bitcoin\/\">Make It Rain Satoshis: Las Vegas Strip Club Starts Accepting Bitcoin Payments<\/a><\/strong><\/em><\/p>\n<p class=\"p1\">Massive sell-offs have seen the price plummet and with institutions showing more interest in the digital asset, the price has responded negatively. There has not been any remarkable recovery since the asset had fallen below the $30,000 price point last month. And thus, with the current market trends, it is not a far stretch to say that bitcoin might have finally succumbed to the bear.<\/p>\n<h2 class=\"p1\">China Crackdowns On Bitcoin Mining<\/h2>\n<p class=\"p1\">A major factor contributing to the recent price crashes has been the crackdown by China on mining. The country had banned mining leading to an exodus of bitcoin miners out of the mining capital out of the world. Before the crackdown, it was estimated that approximately 70% of all crypto-mining was carried out in China.<\/p>\n<p class=\"p1\">This reduced the bitcoin hash rate to dangerously low levels and thus, affecting the price and increasing panic in the market. With miners still looking for where to set up their operations, the market was very uncertain as to the future of the digital asset. And as such, investors had started getting out of the market.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/7BSxcNeT\/\" alt=\"Bitcoin price chart from TradingView.com\" width=\"1348\" height=\"705\"><\/p>\n<pre style=\"text-align: center\">BTC price struggles to recover as bears drag it down | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/UG2tjOD6\/\" rel=\"nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p class=\"p1\">Panic selling has also contributed largely to the price dip. Coin holders who did not want to be \u201ccaught with their pants down\u201d had started offloading their coins in case the price did not recover.<\/p>\n<p class=\"p1\">Whales had also taken advantage of bitcoin\u2019s high price to offload their coins in order to buy back in when the coin dipped. Of note is Jim Cramer saying that he had sold almost all of his bitcoins and had planned to get back in when the price of the digital asset had dipped below $30,000.<\/p>\n<h2 class=\"p1\">What Happens From Here?<\/h2>\n<p class=\"p1\">Right now, bitcoin sits at a very critical point. The next couple of weeks will most likely decide where the price of the digital asset will end up facing. Market factors right now are looking incredibly bullish as more and more FUD floods the market.<\/p>\n<p class=\"p1\">Several countries have begun crackdowns on top crypto exchange Binance, saying that the crypto exchange does not have jurisdiction or permission to operate in their countries. Sadly, this has led to doubts in investors\u2019 minds.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading |\u00a0<a href=\"https:\/\/uniquehot.com\/analysis\/btc\/how-bitcoin-gets-to-100000\/\">Bloomberg Analyst Provides Blueprint Of Bitcoin Path To $100,000<\/a><\/strong><\/em><\/p>\n<p class=\"p1\">China, along with the mining crackdown, had ordered all financial institutions in the country to stop allowing crypto purchase and trading. Shutting off one of the biggest crypto markets from the wider crypto space.<\/p>\n<p class=\"p1\">Following the massive FUDs coming out of the market, the <a href=\"https:\/\/alternative.me\/crypto\/fear-and-greed-index\/\" rel=\"nofollow\">Fear and Greed Index<\/a> remains firmly in the extreme fear quadrant. Old and new investors alike are very wary when it comes to putting money into the market for fear of a downturn.<\/p>\n<p class=\"p1\">Bitcoin is currently trading at $31,365 and the market cap of the digital asset has now fallen below $600 billion.<\/p>\n<pre style=\"text-align: center\">Featured image from Coingape, chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin has so far enjoyed a good amount of success these past years, and so it is not surprising that investors want to continue to believe that the digital asset will continue its growth spurt. But what could very well be faith in the market might also be a denial of the obvious, which is that bitcoin has finally entered a bear market. For about two months since bitcoin hits its $64K all-time high, the pioneer digital asset has suffered losses and corrections that have seen the price dip even further down than anticipated. About a month after setting a new price record, the digital asset saw several dips that led to the loss of over 50% of its all-time high value. Related Reading |\u00a0Make It Rain Satoshis: Las Vegas Strip Club Starts Accepting Bitcoin Payments Massive sell-offs have seen the price plummet and with institutions showing more interest in the digital asset, the price has responded negatively. There has not been any remarkable recovery since the asset had fallen below the $30,000 price point last month. And thus, with the current market trends, it is not a far stretch to say that bitcoin might have finally succumbed to the bear. China Crackdowns On Bitcoin Mining A major factor contributing to the recent price crashes has been the crackdown by China on mining. The country had banned mining leading to an exodus of bitcoin miners out of the mining capital out of the world. Before the crackdown, it was estimated that approximately 70% of all crypto-mining was carried out in China. This reduced the bitcoin hash rate to dangerously low levels and thus, affecting the price and increasing panic in the market. With miners still looking for where to set up their operations, the market was very uncertain as to the future of the digital asset. And as such, investors had started getting out of the market. BTC price struggles to recover as bears drag it down | Source: BTCUSD on TradingView.com Panic selling has also contributed largely to the price dip. Coin holders who did not want to be \u201ccaught with their pants down\u201d had started offloading their coins in case the price did not recover. Whales had also taken advantage of bitcoin\u2019s high price to offload their coins in order to buy back in when the coin dipped. Of note is Jim Cramer saying that he had sold almost all of his bitcoins and had planned to get back in when the price of the digital asset had dipped below $30,000. What Happens From Here? Right now, bitcoin sits at a very critical point. The next couple of weeks will most likely decide where the price of the digital asset will end up facing. Market factors right now are looking incredibly bullish as more and more FUD floods the market. Several countries have begun crackdowns on top crypto exchange Binance, saying that the crypto exchange does not have jurisdiction or permission to operate in their countries. Sadly, this has led to doubts in investors\u2019 minds. Related Reading |\u00a0Bloomberg Analyst Provides Blueprint Of Bitcoin Path To $100,000 China, along with the mining crackdown, had ordered all financial institutions in the country to stop allowing crypto purchase and trading. Shutting off one of the biggest crypto markets from the wider crypto space. Following the massive FUDs coming out of the market, the Fear and Greed Index remains firmly in the extreme fear quadrant. Old and new investors alike are very wary when it comes to putting money into the market for fear of a downturn. Bitcoin is currently trading at $31,365 and the market cap of the digital asset has now fallen below $600 billion. Featured image from Coingape, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":467611,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,78790,79520,79589],"class_list":["post-467609","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-xbtcusd","tag-xbtusd-btcusdt"],"acf":[],"yoast_head":"\n<title>Bitcoin Might Already Be In A Bear Market, Investors Just Don\u2019t Know It Yet<\/title>\n<meta name=\"description\" content=\"Bitcoin has so far enjoyed a good amount of success these past years, and so it is not surprising that investors want to continue to believe that the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/uniquehot.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Might Already Be In A Bear Market, Investors Just Don\u2019t Know It Yet","url":"http:\/\/uniquehot.com\/news\/bitcoin-might-already-be-in-a-bear-market\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-might-already-be-in-a-bear-market\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/07\/bitcoin-bear.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/07\/bitcoin-bear.png?fit=641%2C381"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd","btcusdt","xbtcusd","xbtusd. btcusdt"],"dateCreated":"2021-07-16T17:00:59Z","datePublished":"2021-07-16T17:00:59Z","dateModified":"2024-06-11T13:57:07Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Might Already Be In A Bear Market, Investors Just Don\\u2019t Know It Yet\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-might-already-be-in-a-bear-market\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-might-already-be-in-a-bear-market\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/07\\\/bitcoin-bear.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/07\\\/bitcoin-bear.png?fit=641%2C381\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\",\"btcusdt\",\"xbtcusd\",\"xbtusd. btcusdt\"],\"dateCreated\":\"2021-07-16T17:00:59Z\",\"datePublished\":\"2021-07-16T17:00:59Z\",\"dateModified\":\"2024-06-11T13:57:07Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/07\/bitcoin-bear.png?fit=641%2C381","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/467609"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=467609"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/467609\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/467611"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=467609"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=467609"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=467609"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}