There was no weekend respite for cryptocurrency markets that continued to slide, with the largest digital currency bitcoin (BTC) breaking $18,000 and ethereum (ETH) plummeting below $900.
After briefly making a low of $17,708, BTC rebounded to trade around $18,100 levels, down 12 percent in the last 24 hours.
With the slump, BTC has breached the all-time high of the previous crypto cycle. During the previous bull cycle of 2017, bitcoin made a high of $19,783.
The bitcoin blood bath has led to a broader market correction, with ETH tumbling around 13 percent to a low of $896. ETH was trading at $953.
Other major cryptocurrencies saw a similar fall, with Solana’s SOL trading down by about 9 percent at $29.2, Cardano’s ADA declining about 9 percent to trade at 44 cents, and Ripple’s XRP falling by about 6 percent to trade at 30 cents in the last 24 hours.
President of El Salvador Nayib Bukele said people should stop looking at BTC’s graph and enjoy life.
“I see that some people are worried or anxious about the #Bitcoin market price. My advice: stop looking at the graph and enjoy life. If you invested in #BTC your investment is safe and its value will immensely grow after the bear market. Patience is the key,” Bukele tweeted.
The value of El Salvador’s investments in bitcoin has more than halved. The Central American country first purchased BTC in August 2020 and has accumulated over 2,300 BTCs in its treasury, with the most recent purchase in May 2022.
El Salvador in September 2021 became the first country to make bitcoin a legal tender.
Economist and popular crypto critic Peter Schiff said the crypto industry was dead, which was very healthy for the economy.
“A lot of people in the crypto industry are saying that this crash is a healthy shake-out. I agree that it's healthy, but not for crypto. That industry as we know it is dead, which is very healthy for the economy. Crypto likely has a future but bitcoin will not be a part of it,” he said.
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