In the early hours today, Bitcoin had slumped below $30,000 for the first time since July 2021 as the global cryptocurrency market is descending with the decreased interest of investors and surging inflation.
The world’s first cryptocurrency dropped as low as $29,764 in the early hours today before reclaiming $30,000. At the time of reporting, Bitcoin Price is changing hands at $32,568 with a plunge of 2.83% over the last 24hrs.
Bitcoin Exchange Inflow Surge!
As per the on-chain data, there has been a massive number of Bitcoin deposits on the exchanges. The CryptoQuant data reveals that the Bitcoin’s exchange inflows have reached a 1-year high along with spot exchanges hitting a two-year high.
According to an on-chain data put forth by Santiment, reveals that on Monday, there has been a transfer of more than 40,000 Bitcoins to the exchanges, this is the largest single-day inflow after December 2019.
Crypto Space To See Massive Bitcoin Shorts
On the other hand, Santiment reports also suggest that the Funding rate is pointing towards a huge Bitcoin short in the future days after the flagship currency dipped below $30k.
Looking at the data it’s clear that the investors are gonna have a tough time and also the US equity market is in no thought of any reversal move.
In the last 24hrs, The Nasdaq Composite is down by 4.29% making a loss of more than 500 points. Also, Dow Jones had plunged by 2% and S&P 500 by 3.2% yesterday.
As the whole crypto market is down by 10%, Terra (LUNA) still remains one of the biggest losers in the crypto space with UST stablecoin losing its dollar peg.
Meanwhile, amidst the market crash, El Salvador has made a purchase of 500 Bitcoin worth $15,372 making its total holding more than 2,300 Bitcoins.