Bitcoin (BTC) lost $8,000 on May 19, falling to levels not seen since early February.
Confusion in the futures market
BTC/USD dropped as low as $32,200 on Wednesday, according to data from Cointelegraph Markets Pro and TradingView.
The already high selling pressure was heightened further by the depreciation of the stock markets, the strengthening of the dollar and the rumor that China would tighten its crypto bans.
Losing its support of $ 40,000, Bitcoin fell below its very important 200-day moving average.
The lost value in dollars, while normal in Bitcoin standards, caused complete confusion among futures traders, with $ 2.7 billion liquidated in a single hour and $ 6.5 billion in 24 hours.
Rafael Schultze-Kraft, co-founder of the analyst source Glassnode, stated that the majority of short-term BTC investors have suffered losses and the current price levels are the last supports.
Altcoins are also on the decline
While Bitcoin translation was around $ 32,000 as of broadcast time, altcoins also showed a very bad picture.
Telcoin (TEL) and SHIBA INU (SHIB), which showed significant value increases recently, were the ones who experienced the biggest loss.
Ether (ETH) is also trying to hold on to around $ 2,000.