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It’s a sea of red this morning, as a tough week in the crypto markets continues to get tougher. Over $400 billion has now been wiped off the cryptocurrency market over the last 7 days – almost 20% of its total value. Is it time to buy the dip, or is there still further to fall before we can talk about a recovery?

 

The Bitcoin price has extended its recent decline, falling to below $50,000 for the first time since 8 March. The leading cryptocurrency is currently trading at just below $49,000 and looking for support. Will it find it here and recover back to the $50-60k range it’s been in for so long now?

 

All other major cryptocurrencies have also experienced significant losses over the last 24 hours, with the vast majority seeing double-digit drops. Even Ethereum (ETH) is now down over the last 24 hours, despite setting a new all-time high of over $2,600 yesterday. It’s still trading over $2,000, but can it hold?

 

There have been many causes blamed for the sudden drop. Bitcoin has certainly been running hot lately, and many have been saying that it was due a correction. Others are also attributing the drop to US President Joe Biden’s reported comments about the introduction of capital gains tax reform that would affect the country’s ultra-wealthy and mean investors paying more on their Bitcoin profits.

 

It’s important to zoom out at times like these and look at the massive gains this year, even if we include the recent fall. BTC has also done this before. In late February, the coin dropped from $57,000 to $45,000 a week later. Two weeks after that, it was above $60,000 for the first time. Will history repeat itself this time?

 

The content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. Luno always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.