Bitcoin Braces For Another $9 Billion Earthquake After $2 Trillion Crypto Market Wipeout

The bitcoin price has plummeted towards $50,000, losing around 25% in the past month. This crash follows a warning from Federal Reserve Chair Jerome Powell about a "critical period" and the collapse of the Mt. Gox exchange, which is starting to distribute almost $10 billion in bitcoin, bitcoin cash, and fiat currency to its creditors. Analysts are concerned that the influx of bitcoin from Mt. Gox could lead to a further decline in the price, as supply could outstrip demand. The market is expecting most Mt. Gox users to sell their tokens, which could push the price below $50,000. Crucial levels for bitcoin and ethereum are $60,000 and $3,350, respectively, both of which have been decisively broken. The fall in bitcoin has dragged down other cryptocurrencies, with ethereum down nearly 9% over the week and memecoins down 10% to 20%.