Bitcoin news – live: Crypto prices collapse as investors say they have lost fortunes

(Adam Smith and Anthony Cuthbertson - Independent)

Bitcoin is teetering on the precipice of an abyss, according to some crypto market analysts, with its price hitting its lowest level since July 2021.

The cryptocurrency has lost more than 50 per cent of its value over the last six months amid a market-wide downturn that has wiped more than $1.5 trillion from the overall crypto market.

Hovering just above $30,000 on Wednesday morning, some fear it risks even heavier losses if it falls below this key level of support.

Since first rising above this price at the start of 2021, BTC has never fallen below it for any significant amount of time, meaning it will be in unchartered territory if the sell-off continues.

There is widespread fear in the market on Thursday, after the Terra (LUNA) cryptocurrency fell by more than 99 per cent, dropping below $1 on Wednesday having peaked close to $120 last month.

Since first rising above this price at the start of 2021, BTC has never fallen below it for any significant amount of time, meaning it will be in unchartered territory if the sell-off continues.

Key points

• Bitcoin price crash caused by ‘wider adversity'

• Bitcoin market enters ‘extreme fear'

• Crypto market metrics ‘incredibly bullish’ despite price crash

• Terra Luna cryptocurrency collapses 98% overnight

Investment Synergy - There is a serious shift in paradigm thinking around what some..... may describe as ´emperors new clothing ´ - however falling values are replicated in other investment bubble areas.....