Crypto Daily – crashed spectacularly on Sunday, with the price of $BTC plummeting as far down as $49,300. The US economy is signalling a recession, and war is brewing – will Bitcoin be able to recover in such an environment?
Sunday carnage
The last eight days for Bitcoin have seen some torrid price action. Since spiking through the top of its bull flag on 29 July, the $BTC price has seen a nigh on 30% correction from top to bottom, corresponding to a loss of nearly $21,000.
The worst part of the carnage took place on Sunday evening, and a series of liquidations led to traders on both the long and short side being wiped out to the tune of more than $1 billion.
In the last few hours a wick down in price led $BTC down to plumb the depths at $49,300. Since then, a recovery has perhaps begun, with the price currently at a little under $53,000.
Why the sudden plunge in price?
The worsening US economy has to be a major reason for the collapse in the…
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